Oklahoma City, Okla., May 9, 2017 / 16:10 pm
The governor of Oklahoma vetoed a bill that would have drastically increased the interest rates of payday loans, joining the fight of the bishops around the country who have pushed back on similar legislation.
"House Bill 1913 adds yet another level of high interest borrowing without terminating or restricting access to existing payday loan products," Governor Mary Fallin said in her veto statement last week.
The bill was vetoed May 5, with Fallin voicing her concern that the loans created by the bill would be "more expensive than the current loan options."
Bishops throughout the U.S. have decried the use of payday loans, and have backed legislation which would restrict the effect these loans on have on the borrowers – communities who are often targeted for their lack of education and immediate need. Catholic Charities has even opened organizations which may assist those in need or struggling with high interest loans.