January 2021 Update | Our Recent Justice Efforts | Exodus Lending - Exodus Lending

January 2021 Update

By Kaitlyn January 28, 2021

Our Advocacy Efforts in Challenging Times

It is a painful, emotional, and nerve-wracking time for those of us working towards justice. At Exodus Lending, we denounce the racist ideologies and behaviors that endanger everyone, especially people with historically marginalized identities. Following last week’s siege of the US Capitol by violent mobs and the second impeachment of President Trump for “High Crimes,” and in advance of the upcoming inauguration of Joe Biden as president and Kamala Harris as vice-president and a Senate impeachment trial, the FBI has warned of white supremacist groups threatening attacks at all 50 state capitols. 

History has shown us yet again that, unfortunately, the ongoing push for equity and justice in the United States will receive immense pushback. Therefore, all of us committed to justice work – individuals and organizations alike – must remain vigilant and persistent. Because of this, Exodus Lending will continue to do our work to advance economic justice through supporting anti-racist policies and advocating against predatory lending practices. We are honored to have your support in these efforts.

The Push for a Rate Cap: Federal, State, and Local Legislative Update

Nationally, there is hope for a federal interest rate cap of 36% on loans because of efforts to amend the Truth in Lending Act and extend protections for active-duty military members to all consumers. In the meantime, Minnesota can join the 17 other states, including South Dakota and Nebraska, and the District of Columbia, in protecting its residents with a statewide 36% interest rate cap. We are thankful for the strong support for a rate cap in the House while we eagerly await a champion on this issue in the Senate. Until then, local fair lending advocates are also diligently working on a city-by-city ordinance campaign to pass much-needed consumer protection. Excitingly, Moorhead has blazed the trail because they recently passed a strong payday lending ordinance that’s easily replicable.

“Minnesota’s cities are ready to take up the mantle if the state Legislature does not work to protect the state’s citizens from predatory lenders” 

– Meghan Olsen Biebighauser, an organizer for the Minneapolis Area Synod and the coalition Minnesotans for Fair Lending, and former Board President of Exodus Lending

Get Involved to Stop the Debt Trap

Firstly, we encourage you to reach out to your faith communities or other groups to join Minnesotans for Fair Lending. You can also contact your representative and senator to share your concerns about interest rates on payday loans. 

Predatory Lending in the News

In case you missed it, here are some of the latest news items on predatory lending:

Exodus Lending’s office remains closed. You can still reach our team by phone at (612) 615-0067 or by email at [email protected]

Exodus Lending E-Newsletter: January 2021