KYCC’s Economic Development Specialist Doris Valenzuela spoke at a Sept. 8 “Stop the Debt Trap L.A.” 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.
Payday lenders specifically continue to open in areas where underserved and underrepresented populations reside and they flout standard banking regulations. “These companies lend money to people who cannot afford to pay the high fees,” explained Valenzuela. “We need strong regulations, without exemptions, and we need them now.”
Supervisor Solis announced her efforts to enlist the county’s support for payday lending reforms through a motion at a Sept. 13 Board of Supervisors meeting.
The morning also welcomed “The Pit of Despair,” a traveling 3-D public art installation and shared a public petition for consumers, advocates and the public to sign.
This effort is a part of KYCC’s Community Economic Development’s 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.