Consumer protection agency, Congress balk at payday lending reform

By anika March 28, 2019

Jim Spencer from the Star Tribune reports on the Consumer Financial Protection Bureau’s recent attempts to delay and/or eliminate new regulations that would require payday lenders to ensure borrowers’ ability to repay while sharing how Exodus Lending has helped more than 165 Minnesotans break free from the vicious cycle of payday loan debt.  “Exodus [Lending] set up monthly payments with no interest… My prayers were answered.” – Lerlyn, a program participant. Exodus Lending is featured throughout the piece from July 2018, with more on Lerlyn’s journey out of payday loan debt and quotes from our executive director, Sara Nelson-Pallmeyer about the need for our program and potential solutions to tackle the payday loan debt crisis in Minnesota.

Consumer protection agency, Congress balk at payday lending reform