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Faith teams join push for national cash advance guidelines

Faith teams join push for national cash advance guidelines

Kansas City, Mo. — in the middle of clergy, community organizers and signs that are multi-colored “Stop your debt trap,” Elliott Clark asked those collected at Barney Allis Plaza right right here: “that is beside me?”

The parishioner of St. Therese the small Flower Church in Kansas City had simply completed sharing a $2,500 payday loan to his experience that ballooned to significantly more than $50,000 over 5 years, providing an impassioned plea for reforms associated with industry.

Following the audience responded their concern with cheers, Clark included, “Then let’s tell the individuals what are you doing.”

The “Stop your debt Trap” rally preceded a industry hearing Thursday held by the buyer Financial Protection Bureau, a completely independent federal watchdog agency, on its new proposed guidelines aimed at managing predatory payday financing.