This post is from the baddass people at the Southern Poverty Law Center. They're reaching out about the troubling Financial CHOICE Act, which is expected to be voted on today in the House of Representatives. The bill would strip safeguards needed to combat predatory lenders from entrapping low-income populations in an endless cycle of debt. The House is expected to pass this outrageous legislation. But that doesn’t mean the fight is over. They’re monitoring this bill as it moves through Congress and will need our help.
"The Financial CHOICE Act eliminates vital consumer protections in the Dodd-Frank law that was enacted after the 2008 financial crisis sent the country spiraling into one of the worst recessions ever.
Tucked inside the bill is a provision that short-circuits pending rules needed to rein in lenders who offer payday and car title loans. It even prohibits the Consumer Financial Protection Bureau (CFPB) from ever regulating this industry.
These loans trap millions of poor people across America in a nightmare of debt. Often, they’re people who just need a little money to buy food or pay a water bill. In some states, lenders get away with anything and are allowed to charge crippling interest rates – like in Alabama, where interest on a payday loan is 456%."
-- Southern Poverty Law Center
- Southern Poverty Law Center: Read more about the CHOICE Act and its implications for low-income communities, and get ready to take action with us against this bill.
- NPR: Dodd-Frank Replacement Bill Gives 'Free Pass' To Payday Lenders