In this explosive episode of SPPI-TV, Patrick M. Brenner joins Brandon Vogt on News Radio KKOB to unpack Black Market Payday, the Southwest Public Policy Institute’s groundbreaking investigative report. The conversation reveals how former State Rep. Tara Jaramillo operated an unlicensed payday lending scheme through her company, Positive Outcomes, Inc., targeting low-income and Native American caregivers with interest rates as high as 2,737% APR, while state regulators looked the other way.

Patrick details how overregulation, including New Mexico’s 36% APR interest rate cap, pushed legal lenders out and opened the door to a dangerous black market for credit. The episode also dives into campaign contributions to Governor Michelle Lujan Grisham, Attorney General Raúl Torrez, and the stunning lack of enforcement despite damning evidence.

This is a must-listen for anyone concerned about consumer protection, political corruption, financial regulation, and the real-world consequences of misguided economic policy.

Relevant links:

• https://southwestpolicy.com/report-black-market-payday/
• https://omny.fm/shows/bv-today/black-market-pay-day
• https://www.santafenewmexican.com/news/local_news/former-lawmaker-accused-of-lending-scheme-vows-to-go-after-accuser/article_8ddf66cd-116f-4549-8298-02ec3031c4ce.html
• https://www.newsradiokkob.com/brandon-vogt/
• https://redstate.com/redstate-guest-editorial/2025/06/25/progressive-payday-new-mexico-democrat-probed-for-high-interest-loans-to-workers-n2190876
• https://southwestpolicy.com/report-no-loan-for-you/
• https://southwestpolicy.com/report-no-loan-for-you-too/
• https://www.americanbanker.com/opinion/if-i-cant-get-an-emergency-loan-from-a-bank-its-not-clear-who-possibly-can
• https://www.americanbanker.com/opinion/need-a-200-loan-thanks-to-rate-caps-youre-mostly-out-of-luck
• https://southwestpolicy.com/
• https://donate.southwestpolicy.com/