CBF leaders speak out against rollback of ‘payday’ loan regulation

CBF leaders speak out against rollback of ‘payday’ loan regulation

DECATUR, Ga. — Cooperative Baptist Fellowship leaders spoke down from the choice announced today of this customer Financial Protection Bureau to eliminate debtor safeguards designed to make sure that vulnerable customers are able to repay short-term, high-interest “payday” loans.

The cooperative Baptist Fellowship has sought justice for those who have been victimized by the immoral and sinful practice of predatory lending,” said CBF Executive Coordinator Paul Baxley“For nearly a decade. “We have already been persistent in this pursuit because quite a few congregations have actually heard a calling to love and provide the poorest in our midst, plus in therefore doing have actually met those whose life have now been torn aside by predatory lending. Our CBF field workers and Together for Hope leaders came in person using the devastating effects of pay day loans. We can’t keep silent as siblings and brothers in Christ are damaged, and now we cannot overlook the systemic racial injustice inherent in this industry.

“This form of injustice is exactly what stirred the prophet Amos to cry out resistant to the leaders of Israel whom offered ‘the righteous for silver and also the needy for a set of sandals, who trample your head of this bad in to the dust associated with the planet and push the afflicted taken care of’ (Amos 2:6). He continued to express: ‘Hear this, you that trample in the needy and bring to destroy poor people associated with the land….The Lord has sown by the pride of Jacob, certainly we will keep in mind some of their deeds’ (Amos 8:4, 7). As supporters of Jesus called to create news that is good poor people, we add our sounds to those of other Baptists along with other Christians who ask just that people be a society marked by justice and kindness instead of unchecked greed.”

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