City Council Supports Regulating Payday Lending

The Waco City Council voted 5-1 in favor on its first reading of regulating payday lending. The ordinance will limit the size of payday loans based on the borrower’s income and limits the number of times a loan can be renewed. Many community members, pastors, bankers, professors, and nonprofit leaders, who are part of the Citizens for Responsible Lending group, attended the city council meeting and spoke about how payday loans affect the financial security of low-income residents.

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