There is legalized robbery going in our communities, and foundations and nonprofits have an important role to play in the next two months to help stop it.
Payday lending, an industry that makes up for the financial sector’s large-scale neglect of poor people by offering them credit on abusive, ruinous terms, has been the target of economic justice advocates for years. The Consumer Financial Protection Bureau (CFPB) has finally proposed a new rule that will curb the payday lending industry’s ability to prey on low-income members of our communities. Comments on the proposed rule are due October 7, 2016, and they represent an opportunity for foundations that prioritize economic justice to weigh in on the side of their constituents.
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