CBF leaders talk out against rollback of ‘payday’ loan regulation

CBF leaders talk out against rollback of ‘payday’ loan regulation

DECATUR, Ga. — Cooperative Baptist Fellowship leaders spoke away from the choice announced today associated with the Consumer Financial Protection Bureau to get rid of debtor safeguards designed to make sure that vulnerable consumers have the ability to repay short-term, high-interest “payday” loans.

The cooperative Baptist Fellowship has sought justice for those who have been victimized by the immoral and sinful practice of predatory lending,” said CBF Executive Coordinator Paul Baxley“For nearly a decade. “We have now been persistent in this pursuit because quite a few congregations have actually heard a calling to love and provide the poorest among us, plus in so doing have met those whose everyday lives have now been torn aside by predatory lending. Our CBF field personnel and Together for Hope leaders have come one on one aided by the devastating effects of pay day loans. We can not keep quiet as siblings and brothers in Christ are destroyed, and we also cannot ignore the systemic racial injustice inherent in this industry.

“This variety of injustice is exactly what stirred the prophet Amos to cry out contrary to the leaders of Israel whom offered ‘the righteous for silver together with needy for a couple of sandals, who trample your head regarding the bad to the dirt for the planet and push the afflicted taken care of’ (Amos 2:6). Continue reading CBF leaders talk out against rollback of ‘payday’ loan regulation