Hello, I am Sofia Franco from the Center for Responsible Lending (CRL). CRL is a non-profit, non-partisan policy and research organization dedicated to building family wealth through the elimination of predatory lending practices. I'm reaching out to you because your city, Menlo Park, passed a local ordinance to restrict predatory payday lending in 2012. Because of your past efforts in fighting abusive payday lending, CRL would like to invite you to join our coalition to take this fight to the state legislature. Predatory consumer lending remains a major issue plaguing vulnerable communities in California such as low-income groups, people of color, and seniors. For example, for high-dollar loans ranging between $2,500 and $10,000, there is no statutory APR limit. According to a 2015 annual report by the California Department of Business Oversight (DBO), 54% of high-cost installment loans of $2,500 to $5,000 had 100% APRs or higher. These destructive loans leave the borrower with damaged credit, and the inability to access future credit and regain financial stability. While state policymakers have a broad array of tools at their dispense to end predatory high-dollar consumer loans, advocacy and headway on this issue continue to be challenged. We need your help. I would like to set up a time to discuss the matter with your office over the phone. Next week is quite busy for our office but the following week would work best. Please let us know if you are interested and we can schedule a time to call. Thank you for your time and attention to this request. Thank you, Sofia Franco Sofia.FrancoCasarano_at_(domainremoved) Center for Responsible Lending www.responsiblelending.org http://www.responsiblelending.org > Received on Wed Oct 25 2017 - 13:00:14 PDT
