WASHINGTON, April 29, 2021 /PRNewswire/ — Dr. Frederick Douglas Haynes, IIIsocial justice advocate and senior pastor of Friendship West Baptist Churcha mega-church nationally known for its social justice ministry, recently testified before United States Senate Committee on Banking, Housing, and Urban Affairs, at the hearing entitled, “The re-emergence of Rent-a-Bank?The event was held virtually and can be viewed on the Senate Committee page website.
The full list of witnesses who testified included, The Honorable Josh SteinAttorney General, State of North Carolina; M/s. Lisa StiflerDirector of State Policy, Center for Responsible Lending; dr. Frederick D. Haynes, IIISenior Pastor, Friendship-West Baptist Church, dallasTexas; Mr. Brian Brooks, former Acting Comptroller of the Currency; and dr. Charles CalomirisHenry Kaufman Professor of Financial Institutions, Colombia Business School.
Dr. Haynes’ testimony took issue with the Office of the Comptroller of the Currency’s plan to allow predatory lenders to bypass state interest rate caps by paying off a bank willing to impersonate the ” true lender” and called on the committee to adopt a cap of 36%.
“One of my followers, a recent college graduate, worked two jobs to make ends meet. When his mother fell ill, he had to choose between paying his car loan and his medications and utilities,” said Dr Haynes. “He took out a payday loan thinking it would get him through the crisis, but a 450% interest rate set him up to bring him down financially, and he ended up losing the car he needed. he needed to get to work.”
Dr. Haynes went on to add that predatory payday lenders, car title lenders and installment lenders deprive financially vulnerable people of billions in fees every year.
Dr. Haynes concluded by noting that he had offered his testimony coupled with letters from other faith-based organizations including the Faith for Just Lending Coalition and the Faith & Credit Roundtable calling for the repeal of the OCC rule.
You can find the full testimony of Dr. Haynes here.
About the dr. Frederick Douglass Haynes, III
For nearly four decades, Dr. Frederick D. Haynes, IIIserved as senior pastor of Friendship-West Baptist Church in Dallas, TX, with a membership of over 12,000 parishioners. Known nationally as “The Drum Major of Justice,” Dr. Haynes modeled his ministry like that of Dr. King on the intersections of faith and justice. Dr. Haynes works diligently to advocate for justice and create positive change nationally and in the Dallas-Ft. Value community. Whether leading protests and protests, registering thousands of voters, providing food and other needed resources, or serving as a super polling center, Dr. Haynes and Friendship- West are at the forefront of creating positive and lasting social change.
Reflecting his commitment to community transformation and social consciousness, Dr. Haynes serves in various organizations that champion social change and education, including the Board of Directors of Paul Quinn College100 Black Men of America, the National Action Network and more.
Dr. Haynes was a guest speaker at the annual Congressional Black Caucus Prayer Breakfast, including speaking to the President by Nelson Mandela memorial service. The 2012 Ebony Magazine Power 100 Award recipient, Dr. Haynes has been inducted into the National Black College Alumni Hall of Fame and the International Civil Rights Walk of Fame. In 2020, Dr. Haynes was featured at the Democratic National Convention religious event, “Our values, our voices, our votes. The Dallas Independent School District recently announced the naming of a school in his honor, which will open in the fall of 2021.
- dr. Frederick D. Haynes is available for comments and interviews.
Kayla Tucker Adams
SOURCE Friendship-Western Baptist Church