Religious Leaders Call for Action Against Predatory Lending

By MICHAEL POPE |  August 17, 2016

AUG 16, 2016

From his position as minister at Wesley Memorial United Methodist Church in Richmond, Rodney Hunter says he sees firsthand the devastation of predatory lending...

And so Hunter is joining forces with religious leaders from across the country who are calling on the Consumer Financial Protection Bureau to strengthen its rule on predatory lending. Specifically, they would like to see the number of loans these companies can issue a year limited to one rather than six. Willie Gable of the National Baptist Convention says he would also like to see Congress limit the loans to 36 percent interest. 

“Usury, in my opinion, it’s just plain wrong. It’s legalized loan sharking and it’s blood money."

The Consumer Financial Protection Bureau will be taking public comment on the proposed rule until early October.

Photo Credit:  Michael Pope

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