Making Democracy Work

Payday Lending

Mobilizing Dallas to Bring Significant Changes to Predatory Lending Practices

Thursday, May 5, 2016
1:00 PM to 3:00 PM
Goodwill Industries, Inc.
3020 N Westmoreland, Dallas, Texas 75212

This past year, the League of Women Voters of Texas explored payday and auto title lending in Texas from all viewpoints - history, stakeholders, use, policy options, and approaches to reform. In January 2016, the League adopted the following position:
The League believes that a loan is affordable if the borrower can repay the loan and cover basic expenses without borrowing again or obtaining money from another source. Local governments should be able to regulate payday and auto title lending within their jurisdictions in order to achieve a viable small dollar loan market that provides consumer access to affordable credit and safeguards against predatory lending.

The Anti-Poverty Coalition of Greater Dallas (APC) strives to unite the entire community around identifying and eliminating barriers preventing families from moving out of poverty and into financial sufficiency. One focus has been predatory lending and how best to protect vulnerable individuals. APC led the effort in the City of Dallas to pass ordinances that provide guidance as to where lenders can be located and how loans are structured.

At the Federal level, the Consumer Financial Protection Bureau (CFPB) is about to release new rules regulating these lenders. The APC wants to make sure that the Dallas area continues to be a leader in the fight by spreading awareness on the need for these rules. This could be the one chance to get comprehensive payday reform, so we need to make sure the CFPB and Congress know these rules are necessary.

At the May 5th APC meeting, you will hear how you can help raise attention to the need for increased regulations and why your voice is so important to the fight for reform. A lot can be accomplished if every person commits to talking about this and encourages as many people as possible to submit a comment in support of the rules. APC's goal is to get over 1,000 people from the Dallas area to submit a comment.

Stop Predatory LendingAlso, if the CFPB has released the rules by then (as is rumored), an overview of the new rules and how they will protect consumers will be given.

We need your help to make sure this campaign is a success! While it is a big undertaking for our community, we can do more together than separately!

RSVP to The Anti-Poverty Coalition of Greater Dallas (RSVP is not required)