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Alderman Cara Spencer Proposes New Regulations for Payday Lenders in STL

Friday, June 3, 2016
Chris King | The St. Louis American
Michael Calhoun

“At the heart of this proposed rule is the reasonable and widely accepted idea that payday and car title loans should be made based on the borrower’s actual ability to repay – while still meeting other basic living expenses,” Mike Calhoun, president of the Center for Responsible Lending, said of the new CFPB rule.