SPRINGFIELD, Mo. (AP) — The Springfield City Council is urging federal officials to strengthen proposed regulations on the payday lending industry.
The Springfield News-Leader (http://sgfnow.co/2dgrMr2 ) reports that the resolution was passed 7-1 on Monday. At issue are proposed rules by the Consumer Financial Protection Bureau. The agency wants to require payday lenders to ensure customers are capable of repaying the loans, which typically come with high interest rates and fees.
The council resolution had the backing of a grass-roots faith-based organized, Faith Voices of Southwest Missouri. Jennifer Trogdon, who is with the group, told council members about her personal experience with payday loans. She says she paid $6,000 in interest over three years for two $500 loans.
Trogdon says she initially needed money for an emergency car repair.