May 2019 Update: Federal and state legislative update | Exodus Lending - Exodus Lending

May 2019 Update

By Kaitlyn Szabo June 17, 2019

Share Your Thoughts with Your Legislators!

Now is the time to contact the leaders from the Minnesota House and Senate to let them know your views on legislation to limit payday loan interest rates!

Legislation has passed in the Minnesota House of Representatives to cap interest rates on payday loans to 36%. This provision is one part of the omnibus jobs and economic development bill, HF 2208. There is no similarly proposed language to cap payday loans in the Senate’s companion bill, SF 2611.

Rep. Tim Mahoney is the lead from the House in the conference committee, and Sen. Eric Pratt is the lead from the Senate. As they work together with their colleagues to formulate a final bill on which they can agree, they need to hear from constituents on what are the important parts of the legislation that should become law.

Let them know your opinion regarding payday loans issued to Minnesotans!

Representative Tim Mahoney’s contact is (651) 296-4277 or [email protected]
Senator Eric Pratt’s contact is (651) 296-4123 or [email protected]

 

CFPB and the Payday Rule

On the national level, the Consumer Financial Protection Bureau is proposing to rescind certain provisions, including the ability-to-repay determination, of the Payday, Vehicle Title, and Certain High-Cost Installment Loans regulation finalized in 2017.

Comments regarding this proposed change must be received by May 15, 2019. To submit a comment, you can:

  • Send mail to Comment Intake, Bureau of Consumer Financial Protection, 1700 G Street NW, Washington, DC 20552.
  • Email [email protected]. Include Docket No. CFPB-2019-0006 or RIN 3170-AA80 in the subject line of the message.
  • Upload at Regulations.gov. Follow the instructions on the website.

 

Volunteer Spotlight

After hearing about our program on Minnesota Public Radio, two St. Paul-based listeners were inspired to begin volunteering with us. Since then, Jeff and Charlotte have spent hours outside payday lending stores and throughout the community spreading the word about our program. Thanks to their efforts, we have enrolled at least 8 participants who heard about us as a result of their outreach. We are so thankful for their dedication to stopping the payday loan debt trap in Minnesota. Thank you, Jeff and Charlotte!

 

Thank you to Sisters of St. Joseph Partners in Justice!

Exodus Lending received a grant from the Sisters of St. Joseph Partners in Justice. Thanks to their steadfast, generous support, Exodus Lending will increase program awareness throughout Minnesota. We are honored to stand in partnership with them as we work in tandem toward a more economically just Minnesota.

 

Save the Date

Our team is busy preparing for our annual summer fundraiser in just a few months, on July 16, 2019. Stay tuned for more information!

 

Call for Artwork

Exodus Lending is seeking Minnesota-themed art to decorate our new space. We would be honored to hang art created by or donated from our participants and supporters. If you have any wall art you’d like to donate, contact Anika at [email protected]