KYCC\u2019s Economic Development Specialist Doris Valenzuela spoke at a Sept. 8 \u201cStop the Debt Trap L.A.\u201d press conference with L.A. County Supervisor Hilda Solis, on the steps of the Kenneth Hahn Hall of Administration building. Valenzuela joined other consumer advocates in calling upon the Consumer Financial Protection Bureau (CFPB) to finalize a federal rule to reform predatory payday, car title and installment lending practices.<\/p>\n
Payday lenders specifically continue to open in areas where underserved and underrepresented populations reside and they flout standard banking regulations. \u201cThese companies lend money to people who cannot afford to pay the high fees,\u201d explained Valenzuela. \u201cWe need strong regulations, without exemptions, and we need them now.\u201d<\/p>\n
Supervisor Solis announced her efforts to enlist the county\u2019s support for payday lending reforms through a motion at a Sept. 13 Board of Supervisors meeting.<\/p>\n
The morning also welcomed \u201cThe Pit of Despair,\u201d a traveling 3-D public art installation and shared a public petition for consumers, advocates and the public to sign.<\/p>\n
This effort is a part of KYCC\u2019s Community Economic Development\u2019s Consumer Advocacy program, which fights for a fair and just financial system, access to affordable and responsible credit, and an end to financial scams. Our Community Economic Development services provide comprehensive financial support services to help residents of Koreatown and Greater Los Angeles manage their finances, increase income, reduce expenses, provide small business technical assistance, and build wealth.<\/p>\n","protected":false},"excerpt":{"rendered":"
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