On June 2, 2016
the Consumer Financial Protection Bureau ("CFPB") held a field hearing in Kansas
The CFPB field hearing provided several leaders, including City of St. Louis Treasurer Tishaura Jones, with the opportunity to weigh in on the proposed rule. During the hearing Treasurer Jones applauded the CFPB for taking "bold action" on short-term lending and noted the predatory nature of the industry.
"Predatory lenders only open in neighborhoods that have credit scores of 500 or less, prey on poor and minority populations, and keep people in poverty" stated Jones. Jones also urged coupling short-term lending reform with financial literacy education. Jones said: "I would hope that one of the proposed reforms includes financial education and free credit counseling to keep people from sinking into the debt trap."
The CFPB chose to hold their field hearing in Kansas
City due in part to
The St. Louis Treasurer's Office opened an Office of Financial Empowerment in City Hall last year to help people make better decisions with their money. Since opening, the Office of Financial Empowerment has educated over 1,200 citizens through individual credit counseling, financial literacy workshops, and providing access to mainstream banking products.
Office of the Treasurer
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