Oklahoma religious leaders call for payday lending changes

OKLAHOMA CITY (AP) — Leaders from some of Oklahoma's churches, nonprofits and Native American tribes are among those calling for changes to the state's payday loan industry that they say preys on low-income residents and keeps them trapped in a cycle of debt.

The nonprofit group Voices Organized for Civic Engagement held a news conference Thursday also urging Oklahomans to support proposed federal rules that would impose new restrictions on the industry.

Proposed new regulations from the Consumer Financial Protection Bureau would require payday lenders to determine each customer's ability to repay the loan and limit the number of times a loan could be renewed.

http://www.fredericksburg.com/business/business-wire/oklahoma-religious-leaders-call-for-payday-lending-changes/article_452c73f7-011b-5d7d-8204-d44b6f0adb5b.html