SPRINGFIELD, Mo. — The Springfield City Council is asking for tighter reigns on the payday loans industry.
The Council voted Monday night in favor of a resolution, asking the Consumer Financial Protection Bureau to close up some perceived loopholes in its recently proposed regulations.
Council also listened to concerns from several residents.
“As one woman described it to me, she said these loans are poison,” said Jeff Munzinger with Brentwood Christian Church. “She was paying $200 in interest every two weeks on loans totaling $2,000. That’s $5,200 she was paying in interest.”
Councilmember Kristi Fulnecky was the only member to vote “no”.
She says she would need to hear arguments from both sides of the issue before supporting it.