Be sure to RSVP for the next NC Policy Watch Crucial Conversation luncheon:
Predatory payday lenders: Is North Carolina rid of them for good or will they make a comeback?
Featuring Tom Feltner of the Consumer Federation of America
It’s been 15 years since North Carolina became the first state in the U.S. to end its experiment with “payday” lending by making the predatory high interest loans illegal and 10 years since the last businesses trying to evade the ban were finally chased off.
Payday loans, of course, carry 300+% APR interest rates, typically target low income neighborhoods and are designed to trap borrowers in debt that they cannot escape. The average payday borrower is trapped by ten transactions in a year.
Recently, the federal Consumer Financial Protection Bureau (CFPB) released proposed rules in an effort to rein in the worst abuses of payday and its close cousin, “car title lending,” in other states. Though these lenders no longer operate here, North Carolina still needs a strong national rule since predators will use a weak rule to seek a green light to come back into the state.
Come learn about this vital topic and the need for North Carolinians to speak up in the weeks ahead with national expert, Tom Feltner. Feltner is the Director of Financial Services at the Consumer Federation of America, an association of non-profit consumer organizations that was established in 1968 to advance the consumer interest through research, advocacy and education. At CFA, Feltner heads coalition building, policy development and advocacy in the areas of automobile insurance reform, high-cost lending and financial services regulation.
Don’t miss this very special event!
When: Wednesday, July 27, at noon — Box lunches will be available at 11:45 a.m.
Where: Center for Community Leadership Training Room at the Junior League of Raleigh Building, 711 Hillsborough St. (At the corner of Hillsborough and St. Mary’s streets)
Space is limited – pre-registration required.
Cost: $10, admission includes a box lunch.
Questions?? Contact Rob Schofield at 919-861-2065 or [email protected]