PROVIDENCE, R.I. – General Treasurer Gina M. Raimondo tomorrow will join Tony Maione, President and CEO of the United Way of Rhode Island and members of the Rhode Island Coalition for Payday Lending Reform to once again raise awareness about the pitfalls of predatory payday lending. Other program participants include representatives from Navigant Credit Union and the Pew Charitable Trust.
"We must continue to raise awareness about how to protect Rhode Islanders from abusive lending practices that impair our state's economic success," Raimondo said. "Predatory lending has no place in a state trying to grow its economy."
A borrower only needs identification, documentation of income and an open bank account to obtain a payday loan. Lenders do not take into account a borrower's ability to pay back the loan. Access to credit without sound underwriting was a primary driver behind the financial crisis.
While the mortgage and credit card industries have tightened their lending standards since the financial crisis, the payday lending industry has grown. Since 2008, the number of payday loans in Rhode Island has doubled and continues to climb.
Who: Raimondo, Tony Maione, president and CEO of the United Way of Rhode Island, Fred Reinhardt, Chief Lending Officer of Navigant Credit Union, Tara Roche, Research Associate, Pew Charitable Trust, Jacky Beshar, Vice President, Groov-Pin and Christopher M. Lefebvre Esquire, consumer bankruptcy attorney
What: A discussion on the pitfalls of predatory payday lending
When: Wednesday, May 22, 2013 1 p.m. to 2 p.m.
Where: Center for Women and Enterprise 132 George M. Cohan Blvd., second floor, Providence, RI 02903