August 2022 Update

“I feel like I got a master’s degree in predatory lending!”

Can you believe it has been six months since Anne stepped into the Executive Director role?! Since February, she jumped right into the work and has been busy helping us to grow internally, build new partnerships, and spread the word about our program. For example, she recently joined The BIGCast, a fintech podcast, to discuss how Exodus Lending creates a bridge from economic exploitation to safe, wealth-building opportunities. Check out the podcast episode, “Exodus from the Debt Trap” (Anne’s conversation starts at around the 9:25 mark).

You can also check out their previous episode, “Payday Lenders – Purely Evil, or Filling a Market Need?” for a more in-depth discussion about the issue.

“Together, we are making plans to change policy and narratives and design a new, more inclusive ‘anti-payday’ lending program for those our mainstream banking system excludes.”

– Anne Leland Clark, Executive Director

Invite Us to Speak!

It’s easier than ever for one of our team members to speak to your group in-person or virtually about our work. If interested, please reach out to include Exodus Lending in an upcoming meeting, event, or faith gathering. Contact our Director of Lending and Programs, Jeremiah Fuller, at jeremiah@exoduslending.org or at 612-615-0067 ext. 1005 to schedule a meeting, request a speaker, or get outreach materials to distribute locally. 

Thank You, Affinity Plus Foundation!

We’re so grateful to our friends over at Affinity Plus Foundation for their generous contribution to Exodus Lending. Our work is truly made possible because of the support that we get from our community members and organizations.

Predatory Lending in the News

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

• The Pew Charitable Trusts analyzed the 32 states where payday lending is legal and found the average APRs ranged from 114% to 652%! Unfortunately, Minnesota is on this list – with an average APR of 163%. 
• According to Top Class Actions, a recent class action lawsuit against high-cost tribal lenders who allegedly used tribal laws to circumvent state usury regulations resulted in a $39 million settlement. 
• A recent report from the Federal Reserve Bank of Minneapolis showed disparities in credit access persist; for example, Twin Cities neighborhoods with higher shares of residents of color have less access to credit.

Exodus Lending E-Newsletter: August 2022