Today, we hosted an extraordinary set of spiritual leaders from about the united states at the White home to go over the necessity for more powerful customer defenses, especially in the lending that is payday short-term customer loan areas. These leaders represent a array that is diverse of traditions вЂ“ from Southern Baptists to Reform Judaism вЂ“ and lots of traveled right here from around the nation. But irrespective of where they originated in or their specific faith tradition, they share a typical aim of doing right by the communities they provide.
We heard through the team by what these are typically seeing inside their communities, including certain heart-wrenching tales of people of their congregations whoever everyday lives have now been devastated by usurious loans. We heard their suggestions for action to handle the abuses in payday financing which can be visiting difficulty upon their communities.
exactly just What emerged had been a typical, effective theme: in an endless cycle of debt that we have a moral obligation as a country to do something to stop payday lenders from preying on consumers by trapping them.
These leaders reflected the views of these communities.