CCUSA, FJL disappointed by CFBP’s removal of consumer protections

July 10, 2020

CCUSA joins Faith for Just Lending (FJL), a coalition of Christian organizations and denominations representing millions of Christians across the country, in issuing the following statement:

“We are deeply disappointed by the Consumer Financial Protection Bureau’s action to remove crucial consumer protections from its rule on payday and car title lending. In the wake of the major economic disruption caused by the coronavirus pandemic, the CFPB’s rule, instead of protecting consumers, allows payday lenders to make loans that trap working Americans in a snowballing spiral of debt.

Scripture condemns usury and teaches us to respect the God-given dignity of each person and to love our neighbors rather than exploiting their financial vulnerability. Thus, just lending is a matter of biblical morality and religious concern. Fairness and dignity are values that should be respected in all human relationships including business and financial relationships. The responsibility to protect all Americans from predatory payday lenders now falls to Congress.

We call upon Congress to include in the next stimulus bill an extension of the
protections of the Military Lending Act, including a 36 percent rate cap, to cover all new loans made to Americans during the coronavirus pandemic crisis. Congress should also pass the Veterans and Consumers Fair Credit Act to ensure that all Americans are afforded this protection on a permanent basis.”

Read the full letter


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