Join the fight!

As many of you know, CitySquare, along the United Way of Metropolitan Dallas, Jewish Community Relations Council and Catholic Charities, has played a major role in curbing the abuses of payday and auto title lenders. Because of our efforts, the Dallas City Council unanimously adopted the most stringent ordinances in the country to regulate this industry. That ordinance has now been adopted by more than 33 different cities throughout Texas, including El Paso, Austin, Garland, Houston, San Antonio and Grand Prairie and there are other municipalities considering the Dallas ordinance. While we and our allies have not been quite as successful at the state level, we did get legislation requiring disclosure and reporting of these businesses which allows more opportunity to tell of the impact they are having on Texas families.
 
Now we have the opportunity to substantially impact the small dollar loan industry on a national level…
 
The Consumer Financial Protection Bureau, the federal agency which provides oversight over abuses in the financial industry, is taking comments from citizens throughout the country regarding their dealings with payday and auto title loans. These comments will be considered as the CFPB recommends to Congress federal legislation that will save the people we care about across the nation, from the debt trap caused by this type of predatory lending.  

What can you do?
If you, or anyone you know, have been victimized by payday or auto title lenders, tell your story! Write it down on this form and send it to United Way of Metropolitan Dallas Attn: Stephanie Mace 1800 N. Lamar St Dallas, TX 75202, or attach as PDF document and send it to DallasStopTheDebtTrap@gmail.com.
 
Check out this Payday Lending Alternative sheet, which is a resource provided by the Anti-Poverty Coalition with counsel for those may be going through hard financial times, along with a list of legitimate lenders who may be able to help.
 
Also, ask your neighbors, co-workers, or fellow community members if they have ever been ensnared in debt because of taking out a payday or auto title loan. If they haven’t, do they have a close relative or friend who may be in debt because of one of these loans.
 
Payday lenders are one of those businesses that help keep poor neighborhoods poor. People who take out these loans are not stupid, they aren’t lazy, they aren’t trying to get something for nothing. People who take out these loans are in desperate situations and get in trouble attempting to pay them back.  For so long, we were told that there was nothing that could be done. Now we have a chance to fight for those in poverty, our friends, and our families!
 
In this fight together!
 
Rev. Gerald Britt Jr.
Vice-President of External Affairs
CitySquare

Selling the poor, doing injustice

It’s been almost a year since the Consumer Financial Protection Bureau (CFPB) released their preliminary proposal to regulate payday and other small-dollar lending, and still consumers have no federal protections against predatory small dollar lending. So why hasn’t the CFPB taken action yet? One of the biggest factors has been the continuous and intense pushback from the payday lending industry — and Congress. While attacks on the Bureau by the industry and members of Congress are nothing new, what is new is that these attacks have recently started to come from both sides of the aisle. Even more surprising, members like Debbie Wasserman Schultz, Chair of the Democratic National Committee, are now working to block the CFPB from protecting consumers against predatory payday lending. The efforts by the chairwoman and a majority of the Florida congressional delegation have coalesced around H.R. 4018, the "Consumer Protection and Choice Act," which would not only delay the CFPB payday rules by two years, it would also endorse Florida’s debt trap payday model — which strips $280 million from lower-income Floridians — as a nationally recognized and federally exempted model for other states to implement. Consumers have waited long enough for the CFPB to act, and they’ve lost billions of their hard-earned cash in the process. Congress should not make them wait any longer and should let the CFPB finish the job it started. Tell Congress to reject this damaging bill: Got 1 Minute? Send a Tweet in support of the CFPB’s efforts (and tag your Representative so he or she gets the message!): Payday lending strips billions from financially vulnerable consumers each yr. Congress should let the @CFBP do its job to #StopTheDebtTrap. [Click here to tweet] We need strong a @CFPB rule to protect against predatory payday lenders taking advantage of consumers. #ConsumersCantWait #StopTheDebtTrap [Click here to tweet] 250+ groups oppose HR4018, which would limit the @CFPB's ability to protect consumers from #payday lending: www.bit.ly/1RoyIiY [Click here to Tweet] Got 3 Minutes? Call your U.S. Representative and tell them to reject this damaging bill: Call 202.224.3121 and ask to be connected to your Representative's office. If you don't know who your Representative is, find out here. Once you're connected, here's what to say: My name is [your name] from [your organization or coalition], and I’m calling to request that you oppose H.R. 4018, as well as any effort to weaken the CFPB’s ability to protect consumers against predatory payday lending practices. This bill would codify a number of payday industry-backed practices and recognize Florida’s industry-backed payday lending model — which strips $280 million from lower-income Floridians — as one that other states should follow. H.R. 4018 would harm consumers across the country and would undermine the CFPB’s ability rein in an industry that thrives on stripping financially vulnerable borrowers of their hard-earned money and trapping them in a cycle of long-term debt. Thank you for everything that you do on behalf of consumers everywhere. Sincerely, Corporation for Enterprise Development The Assets &Opportunity Network team   CFED - Corporation for Enterprise Development   1200 G Street, NW Suite 400   Washington, DC 20005   202.408.9788