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Religious Leaders Call On Congress, CFPB to Stop the Payday Loan Debt Trap

Monday, November 17, 2014

WASHINGTON, D.C. – Citing biblical prohibitions against unjust lending, the National Association of Evangelicals, the National Baptist Convention USA, the Cooperative Baptist Fellowship, the Ethics and Religious Liberty Commission, and clergy from over 20 states will join together at Lutheran Church of the Reformation in Washington, D.C. to call for strong federal regulation against predatory payday lending.

The assembly will mark the end of a three-day visit to the nation's capital, during which the faith and community leaders will meet with members of Congress to urge policymakers to take decisive action to protect families and communities from the destructive effects of predatory payday lending.

This event comes at a key moment. The Consumer Financial Protection Bureau is expected to issue new regulations for small dollar loans as early as next year. Many in the religious community, like the National Association of Evangelicals, would like to see the CFPB investigate the payday lending industry and establish restrictions on debt-trap lending. State religious groups such as Missouri Faith Voices and Texas Faith for Fair Lending have been fighting for laws to rein in predatory lenders in their states for years.

WHO: Clergy and community leaders from over 20 states. Speakers to include:

  • Galen Carey, Vice President, National Association of Evangelicals
  • Reverend Dr. Willie Gable, Jr., National Baptist Convention
  • Stephen Reeves, Cooperative Baptist Fellowship
  • Reverend Dr. Cassandra Gould, Missouri Faith Voices

WHAT: Religious Leaders Lobby to Stop the Payday Loan Debt Trap

WHEN: 9 AM, Wednesday, November 19

WHERE: Lutheran Church of the Reformation
212 East Capitol Street NE
Washington, DC 20003

RSVP: Catherine An, catherine.an@responsiblelending.org, 202-349-1878

The event includes religious organizations and leaders from diverse traditions who work in common cause around payday lending based on shared commitment to Biblical principles of just lending, economic dignity, and care for one's neighbor.

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The use of space at the Lutheran Church of the Reformation does indicate endorsement or sponsorship by the church.

For more information, contact Catherine An at 408-349-1878 or catherine.an@responsiblelending.org.