Virginia Attorney General Mark Herring Launching Effort Aimed at Predatory Lending

Payday Lending
AP

Virginia Attorney General Mark Herring is launching an effort aimed at combatting predatory lending.

Herring announced the move Thursday at a field hearing of the federal Consumer Financial Protection Bureau in Richmond. The agency announced proposed rules to set standards for the industry.

Herring's office is aiming to develop a plan to revitalize consumer protection efforts by May 1.

First Read — DMV

A place for insight, analysis and exclusives on the people who shape politics in the District, Maryland and Virginia.

Bloomberg and Sanders Head-to-Head Among Virginia Primary Voters

Virginia Lawmakers Reject Assault Weapon Ban

Critics of payday lending say short-term, high-interest loans prey on the poor. Defenders counter that they offer an option for people who find themselves in a desperate financial fix.

Virginia's efforts in regard to predatory lending will focus on enforcement actions, education and prevention, strengthening and expanding partnerships with other groups and examining new laws.

Herring's strategy also will include alternative lending solutions for consumers.

Copyright AP - Associated Press
Contact Us