Kansas City, Mo. вЂ” enclosed by clergy, community organizers and signs that are multi-colored “Stop your debt trap,” Elliott Clark asked those collected at Barney Allis Plaza right right here: “that is beside me?”
The parishioner of St. Therese the small Flower Church in Kansas City had simply completed sharing their knowledge about a $2,500 pay day loan that ballooned to significantly more than $50,000 over 5 years, providing an impassioned plea for reforms regarding the industry.
Following the audience responded their concern with cheers, Clark included, “Then letвЂ™s tell the folks what are you doing.”
The “Stop the Debt Trap” rally preceded an industry hearing Thursday held by the buyer Financial Protection Bureau, a completely independent federal watchdog agency, on its brand brand new proposed guidelines aimed at managing predatory payday financing. Continue reading “Faith teams join push for national cash advance guidelines”