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Virginia Interfaith Center supports brand new federal guidelines on payday lending

“The rich rules on the poor, additionally the debtor may be the servant associated with the loan provider. ” – Proverbs 22:7

The Virginia Interfaith Center for Public Policy stated today it highly supports the buyer Financial Protection Bureau’s (CFPB) proposed rules limiting predatory lending debt traps and can mobilize its account in to provide remarks throughout the comment period that is public.

Among the list of proposals are restrictions on what usually borrowers could possibly get pay day loans and a requirement that loan providers verify that individuals can repay the cash without dealing with brand new financial obligation, avoiding the“debt trap. That is so-called” These would be the first-ever federal guidelines in the payday, vehicle title, and payday lending industry that is installment.

“These curbs are desperately had a need to protect customers, and are usually something the Virginia Interfaith Center for Public Policy has advocated for a long time, ” said VICPP Board president Frank McKinney.