Empower Missouri has been fighting the debt trap of predatory lending for several years, testifying in hearings of the General Assembly and even participating in a petition campaign for a ballot initiative. Unfortunately that failed despite the more than 200,000 signatures that we helped gather when the Payday Loan industry used their deep pockets to tie us up in a legal challenge.
Now we have a chance to influence payday lending reform through a national field hearing of the Consumer Financial Protection Bureau (CFPB) in Kansas City on Thursday, June 2. You may recall that the CFPB was proposed by Elizabeth Warren and established as part of the response to the 2007-08 financial crisis and recession.
The agenda for June 2 includes:
- Kick Off Action at Barney Allis Plaza at 12th & Wyandotte – 9 a.m.
- Hearing Begins at KC Music Hall, 13th and Central (in the Convention Center) – 10 a.m. and continuing for several hours
- National Rally for Reform, again at Barney Allis Plaza – 12:30 p.m.
Here are the different roles you can play:
- Testify at the hearing. RSVP’s are necessary at http://stopthedebttrap.org/takeaction/ndoa/ (Buses are coming from many locations in MO. Check with Molly Fleming at Molly@movemo.org as to whether there is a pick-up point near you.)
- Attend the hearing to support those who are testifying to protect Missouri families. The Payday Loan Industry is likely to turn out their employees in full force to pressure the CFPB to keep the same oppressive rules in place. We need to be there in large numbers!
- Phonebank to increase attendance – calls may be made from home. Volunteer with Molly Fleming, Molly@movemo.org.
- Attend the 9 a.m. and/or 12:30 p.m. action and rally
For more background on this issue and the full agenda for the day, see the flyer here: stop the debt trap flyer.
This is our best chance to make progress on this issue in 2016. Please stand up to Stop the Debt Trap.