Social Justice Advocate and Pastor, Dr. Frederick Douglass Haynes, III, Testifies Before the U.S. Senate Committee on Banking, Housing, and Urban Affairs
Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia Business School.\n"One of my congregants, a recent college graduate, worked two jobs to make ends meet.
WASHINGTON, April 29, 2021 /PRNewswire/ -- Dr. Frederick Douglas Haynes, III, social justice advocate and senior pastor of Friendship-West Baptist Church, a megachurch known nationally for its social justice ministry, recently testified before the United States Senate Committee on Banking, Housing and Urban Affairs, at the hearing, entitled, "The Reemergence of Rent-a-Bank?" The event was held virtually and can be viewed on the Senate Committee's website.
The complete list of witnesses who testified included, The Honorable Josh Stein, Attorney General, State of North Carolina; Ms. Lisa Stifler, Director of State Policy, Center for Responsible Lending; Dr. Frederick D. Haynes, III, Senior Pastor, Friendship-West Baptist Church, Dallas, Texas; Mr. Brian Brooks, Former Acting Comptroller of the Currency; and Dr. Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia Business School.
Dr. Haynes' testimony opposed the Office of the Comptroller of the Currency's plan to enable predatory lenders to ignore state interest rate caps by paying a bank willing to masquerade as the "true lender" and appealed to the committee to pass a cap of 36%.
"One of my congregants, a recent college graduate, worked two jobs to make ends meet. When his mother became sick, he had to choose between paying his car loan and her medication and utilities," said Dr. Haynes. "He took out a payday loan believing it would help him get through the crunch, but an interest rate of 450% set him up to bring him down financially, and he ended up losing the car he needed to get to work."
Dr. Haynes went on to add that predatory payday, car title lender and installment lenders rob financially vulnerable people of billions in fees every year.
Dr. Haynes closed by noting that he offered his testimony coupled with letters from other faith organizations, including the Faith for Just Lending Coalition and the Faith & Credit Roundtable calling for a repeal of the OCC's rule.
You can find Dr. Haynes' full testimony here.
https://www.dropbox.com/s/9me14dbll8hcd1q/Dr%20Haynes%20Senate%20Testomony.mp4?dl=0
About Dr. Frederick Douglass Haynes, III
For nearly four decades, Dr. Frederick D. Haynes, III, has served as the senior pastor of Friendship-West Baptist Church in Dallas, Texas, with a membership of more than 12,000 parishioners. Known nationally as "the drum major for justice," Dr. Haynes has modeled his ministry like Dr. King's on the intersections of faith and justice. Dr. Haynes works diligently to stand up for justice and create positive change nationally, and in the Dallas-Ft. Worth community. From leading protests and demonstrations, to registering thousands of voters, to providing food and other needed resources, to serving as a voting super center, Dr. Haynes and Friendship-West are in the forefront of creating positive and lasting social change.
As a reflection of his commitment to community transformation and social consciousness, Dr. Haynes serves in various organizations that champion social change and education, including the Board of Trustees at Paul Quinn College, 100 Black Men of America, the National Action Network and more.
Dr. Haynes has been a featured speaker at the Congressional Black Caucus' Annual Prayer Breakfast, and notably gave remarks at President Nelson Mandela's memorial service. A 2012 Ebony Magazine Power 100 honoree, 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 during the Democratic National Convention's Faith Event, "Our Values, Our Voices, Our Votes." Dallas Independent School District recently announced the naming of a school in his honor, which will open in the fall of 2021.
INTERVIEW OPPORTUNITIES
- Dr. Frederick D. Haynes is available for comment and interviews.
Media contact:
Kayla Tucker Adams
[email protected]
214-403-9852
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SOURCE Friendship-West Baptist Church
