Council Member Jerry R. Allen to Host Press Conference to Announce Local Non-Profit Launching Affordable Alternative to Payday Loans

City of Dallas sent this bulletin at 11/10/2014 09:29 AM CST

FOR IMMEDIATE RELEASE                                                       CONTACT: Jennie Eneh, Council Assistant

November 10, 2014                                                                      214-670-5958

 

Council Member Jerry R. Allen to Host Press Conference to Announce Local Non-Profit Launching Affordable Alternative to Payday Loans

 

 

WHAT:              In collaboration with the City of Dallas, Business and Community Lenders (BCL) of Texas will                       be holding a press conference to announce the launch of a new Community Loan Center (CLC)                       of Dallas, an employer-based program which will provide affordable small dollar loans as an                         alternative to high-interest, short-term payday and auto title loans.  Program staff will be                           available to answer questions regarding the need for the program as well as discuss features                       of the loans and projected outcomes for Dallas.  According to BCL of Texas, in Dallas alone,                         over 175 payday lenders are operating in what is a $5.9 billion dollar industry in Texas.                               According to the Office of the Consumer Credit Commissioner, $271 million in fees were                              charged to Dallas MSA residents in 2013.  In light of increasing regulation on the payday and                        auto title lending industry within Texas communities, the Community Loan Center will offer an                      affordable and sustainable alternative loan program, with opportunities to scale and replicate                      the program in other communities throughout Texas. The City of Dallas supports this program                      as a community friendly program to combat and reduce asset poverty in Dallas.

 

 

WHEN:             Wednesday, November 12, 2014 

                     Noon

                       

 

WHERE:           Dallas City Hall

                     6th floor Flag Room

                         1500 Marilla

                     Dallas, Texas 45201

           

 

WHO:               Councilmember Jerry R. Allen, Council Representative District 10

                         Rosa Rios Valdez, President and Chief Executive Officer of BCL of Texas

                         Annie Lord, Community Development Officer, Citi