FPP April 2019 Monthly Virtual Session:
"Helping Employees Avoid the PayDay Loan Trap"
The Second of Two in a Series Titled,
"Making Space in the Marketplace for Alternatives to the Alternatives"
Wednesday, April 10, 2019
2:00 p.m. - 3:00 p.m. Eastern
Florida last year passed legislation to increase the loan amounts payday lenders can offer, and extend the length of the payback term. Earlier this year, the Consumer Financial Protection Bureau (CFPB) rolled back protections in federal regulations that required payday lenders to ensure that borrowers can repay their loans before approving them. Both moves were justified on grounds that some employees NEED emergency cash, and can't qualify for traditional bank and credit union loans - so they HAVE to make payday loans more available to them as an alternative.
But is this true? Are there other alternatives to payday and car title loans with triple-digit interest rates that employees can rely on in times of need, even when they have no credit scores or bad credit?
This session is designed to explore the impact of these legislative and regulatory moves on employers and employees in Florida, and what can be done about it. The Guest Experts listed below are prepared to share their insights:
- Alice Vickers, Director, Florida Alliance for Consumer Protection
- Denise Cronk, HR Director, Badcock Furniture
- Chris Mins, HR Director, Plansource
- Doug Farry, VP Partners, TrueConnect