The Baptist Standard: Faith leaders, Consumer Advocates Push for Lower Payday Loan Rates

November 28, 2014

Dozens of faith leaders and consumer advocates are pressing Congress to create a national interest rate cap for payday lenders instead of the exorbitant three-digit rates charged to people in several states.  Eighty activists from 22 states journeyed to Washington hoping to shape new regulations expected from the Consumer Financial Protection Bureau. Many of their congregations are surrounded by payday loan businesses they say prey on poor residents by charging high interest rates and creating a cycle of debt.  Read more here.