Tomorrow, the Senate Labor, Industry and Commerce Subcommittee will hold a second hearing to discuss S. 518: predatory lending. 

Taking advantage of the financial distress of vulnerable people and communities has a long history. Unscrupulous and exploitative banking has existed from the usury condemned in the Bible to the redlining of minority and poor neighborhoods in the ‘60s and ‘70s. Today, predatory lending practices are a continuation of this long and unethical tradition.

Exploitative banking should be condemned in every capacity. Any form of deliberate retaining of goods and wages — or forcing prices up by taking advantage of the inexperience or hardship of another — is indisputably immoral.

S. 518 will help to curb predatory lending in our state and protect vulnerable individuals from unfair and unjust banking practices. Click HERE to send a letter of support to the committee.