MI Bankers-“there is a place for payday lending as a lender of last resort and that it is an important part of the ecosystem.”

Patricia Herndon, Michigan Bankers Association – EVP, Government Relations testimony before the House Financial Services Committee on March 10, 2021.

She pointed out that during her testimony that that MBA is generally neutral on deferred presentment lending but added that  “there is a place for payday lending as a lender of last resort and that it is an important part of the ecosystem.”