Payday lending rule exposes the poor and vulnerable to predatory and abusive lending practices, bishop warns
July 14, 2020
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CWN Editor's Note: “I am deeply disappointed by [the Consumer Financial Protection Bureau’s] final rule that strips away even the basic requirement that loans be made only when people can afford them, setting up workers and families to fail,” said Archbishop Paul Coakley of Oklahoma City, chairman of the bishops’ Committee on Domestic Justice and Human Development. “Payday lending is modern day usury.” Catholic Charities USA issued a similar statement.
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