The Center has a strong history of support for consumer finance protection in the Commonwealth of Virginia. We have consistently supported a 36% annual percentage rate (APR) cap on interest rates for both payday and car title lenders. We also support other legislation designed to either cap fees or limit the number of loans offered by predatory lenders. At the federal level, we are strongly in support of the Consumer Finance Protection Bureau and their work to ensure that payday and predatory lenders are properly regulated.
We are a coalition member of the Virginia Partnership to Encourage Responsible Lending (VaPERL) and also work closely with the Center for Responsible Lending to engage members of the faith in advocating for Federal administrative and policy change through increased regulation by the Consumer Financial Protections Bureau.