The Ecumenical Poverty Initiative was a co-sponsor of a briefing for Senate staff on small-dollar loans, including payday, auto title, deposit advance products, and installment loans. Rev. Sekinah Hamlin, EPI’s director, was one of the speakers at the briefing, which was held on Monday, June 13 in the Dirksen Senate Building.
EPI is urging the CFPB to issue a strong final rule to protect those who are most vulnerable against predatory payday lenders. As it stands now, the proposed rule is a critical first step but not strong enough to make sure low-income workers are protected against predatory loans with high interest rates and short repayment plans. EPI will be joining other faith-based organizations in encouraging those affected by predatory lending to tell their stories to the CFPB during the comment period, which will end on Sept. 14th. Other panelists included: Rebecca Borné from the Center for Responsible Lending, Rob Randhava from the Leadership Conference on Civil and Human Rights, Dana Wiggins from the Virginia Poverty Law Center and Brent Wilkes from the League of United Latin American Citizens. More than 60 Senate staffers attended the briefing.
American Banker wrote an article about the briefing in which Rev. Hamlin is quoted. Click on the link to read the article: Consumer Groups Pressure CFPB to Tighten Payday Plan American Banker.