Oklahoma religious leaders call for payday lending changes
OKLAHOMA CITY — A group of leaders from Oklahoma churches, nonprofits and Native American tribes called Tuesday for changes to the state’s payday loan industry, which they say preys on poor people and often keeps them trapped in a cycle of debt.
The group Voices Organized for Civic Engagement, or VOICE, also urged Oklahomans to support proposed changes to federal rules that would impose new restrictions on the industry.
Proposed new regulations from the Consumer Financial Protection Bureau unveiled earlier this year 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. The federal agency currently is soliciting public comments on the new rules, and several faith leaders urged the public to support them.