Crediting the church with playing an important role in opposing predatory lending, the Star-Telegram of Fort Worth covered the spread of a payday reform strategy that originated with the work of the North Texas IAF in Arlington, Texas and now involves Catholic Bishop Michael Olson making public calls on the City of Fort Worth to regulate the practice.
In November of 2015, in collaboration with North Texas IAF, St. Joseph Catholic Church leaders in Arlington and the Texas Catholic Conference compelled the Arlington City Council to unanimously vote in support of payday regulations. Loans are now limited to 20% of borrowers' gross monthly income and auto loans are limited to 70 % of the vehicles value or no more than 3% of gross annual income. Leaders hope to achieve similar limitations in Fort Worth.
Bishop's Plea Pushes City on Predatory Lending, Star-Telegram
Catholic Diocese Wants Fort Worth to Regulate Payday Lending Industry, Star -Telegram
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