Bringing the Fed up to date in Kansas City

Payday lenders are thriving in the Kansas City, MO area, but consumers and advocacy groups are making sure the federal government knows about the damage caused by these loans.

Last weekend, officials from the Federal Reserve visited the city and its surrounding area to witness the destruction caused by payday loans and by the many foreclosures resulting from abusive subprime lending.  At the public hearing that accompanied the tour, residents voiced their opposition to predatory loans and demanded that the government focus on reforming the credit industry.

Rickie Coleman, who works with Sunflower Community Action, an AFFIL Ally, was interviewed for this article covering the event and helped raise the alert.

Earlier this year National People’s Action and PICO obtained the Federal Reserve’s commitment to visit nine cities across the country and be involved in tours, private discussions with local advocates, and public meetings at each location.  Kansas City was the fourth of these visits.  Next up are Decatur, IL on August 15 and Des Moines, IA on August 22.  Dates are yet to be determined for Chicago, New York City, and Brockton MA.   If you’re in any of these areas, we urge you to attend the public meetings.  If we all speak up and share our individual experiences and desire for reform, we will get one step closer to completely eliminating predatory lending.

If the tour isn’t coming to a city near you, visit our action center to contact your elected officials about current legislation to rein in predatory lending.

(Photo: Nevin)