Protect the Poor, Don’t Profit from Their Need

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PE News
June 3, 2016

George O. Wood – general superintendent of the Assemblies of God (USA) and chair of the World Assemblies of God Fellowship – explains the moral imperative of reforming payday lending in response to the Consumer Financial Protection Bureau’s new federal rule for “small-dollar lending.”  

Today in Kansas City, Missouri, the Consumer Financial Protection Bureau (CFPB) announced a new federal rule for “small-dollar lending” that will apply to payday loans, auto title loans, and payday installment loans. Without commenting on the specifics of that rule, I’d like to explain why I think the reform of payday lending is a moral imperative. A statistic, a story, and a Scripture will help me explain why.

Read the entire article here.