Today, Delegate Patrick Hope, running for Congress in Virginia’s 8th Congressional District, announced his support for a proposal recently endorsed by Senator Elizabeth Warren (D-MA) to replace payday lenders with the U.S. Postal Service. “When un-banked households are forced to spend roughly 10% of their income on basic banking services, Congress must act to allow low income Americans to keep more of their own money,” Hope said.
“The types of communities we’re talking about are those that are often in ‘bank deserts.’ USPS offices penetrate many of these ‘bank deserts,’ so we have a unique opportunity to take advantage of existing infrastructure and to eradicate abusive and predatory lending practices.”
“I commend Senator Warren and the Consumer Financial Protection Bureau for cracking down on unfair lending practices, and look forward to being one of their strongest allies in Congress.”
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