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Catholic Diocese of Fort Worth Statement on Proposed Federal Predatory Lending Rules
New guidelines proposed by the federal customer Financial Protection Bureau (CFPB) will protect people from predatory loans produced by payday, car name, as well as other loan that is short-term, Catholic Diocese of Fort Worth Bishop Michael F. Olson stated Wednesday.
“Short-term lenders charge interest levels of 600 percent and more whenever four away from five loans that are payday rolled over or reborrowed, in accordance with the Consumer Financial Protection Bureau, ” Bishop Olson said. “We must stop the unscrupulous lenders from focusing on the indegent & most susceptible in our midst. New guidelines will help those life’s that is facing to find short-term economic assistance from accountable loan providers without becoming hopelessly indebted into the predatory lenders. (more…)