March 2023 Update

Strategic Growth

At this crucial time for our organization, our leadership team and Board of Directors are dreaming big to inform the strategic direction of Exodus Lending in the years ahead. In February, we held our annual all-day Board Retreat in partnership with Catch Your Dream Consulting and Compass Pro Bono Consulting to anchor our plans in anti-racist, equitable, and mission-rooted practices. As part of our partnership with Compass, we are gathering stakeholder feedback on our mission, vision, and values. 

Please take 10 minutes or less to share your voice on the mission, vision, values, and direction of our work.

Major Progress Toward a 36% Annual Interest Rate Cap!

Over the last few months, Exodus Lending and Minnesotans for Fair Lending have worked diligently to push this much-needed reform passed the finish line. We have hosted both a legislative kick-off event and a focus group with Minnesotans who have used a payday loan, attended House and Senate hearings on the proposed bills, and engaged intentionally with community stakeholders and local media to keep all involved. 

As it stands right now, both bills (HF 290 and SF 1635) have passed through committees. They are ready to go to a vote on the House and Senate floors. We’ll continue to provide updates on the status of these efforts over the next few months. Be sure to visit MFL’s webpage for opportunities to get involved.

Thrivent Choice Dollars

Are you a Thrivent member? If so, you have until March 31st to allocate your Thrivent Choice Dollars to support Exodus Lending.

Predatory Lending in the News

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

• Minnesota isn’t the only state whose residents are pushing for change. For example, organizations like AARP South Carolina are pushing for limits on predatory loans that hurt local low-income borrowers.
• Additionally, as outlined in this article from The Ascent, the CFPB recently ordered TitleMax (a repeat offender) to pay a $10 million penalty for extending illegal title loans and overcharging military families.
• Last year, the Better Business Bureau found that fraudsters and illegitimate companies are stealing personal information about payday loan customers and using it to scam them out of millions of dollars.

Exodus Lending E-Newsletter: March 2023