New payday lending rules could leave 12 million Americans ‘exposed to unaffordable payments,’ thanks to Trump.

[Toddsterpatriot]

Obama-era provisions that would have required lenders to ensure borrowers could repay their loans before issuing cash advances.

How can anyone ensure that?

 

[Remodeling Maidiac]

This type of business should be banned.

Private industry should have less regulation not more and certainly not subjected to bans based on emotions.

Americans should be free to conduct business any way they see fit as long as it doesn't violate the constution.

 

[okfine]

https://www.cnbc.com/2020/07/07/new...llions-of-americans-exposed-to-debt-trap.html

*The Consumer Financial Protection Bureau on Tuesday issued a final rule on payday lending, rescinding Obama-era provisions that would have required lenders to ensure borrowers could repay their loans before issuing cash advances.

“Last October we learned that, in exchange for contributions to the Trump campaign, payday lenders were bragging about being able to ‘pick up the phone and...get the president’s attention’ to fend off regulation,” Sen. Sherrod Brown (D-Ohio) said in a statement Tuesday. “Today, the CFPB gave payday lenders exactly what they paid for by gutting a rule that would have protected American families from predatory loans that trap them in cycles of debt.”*

Payday lenders discussed raising money for Trump’s campaign to fend off regulation, audio reveals
To ensure Democrats don’t block weaker industry rules, payday lenders said they needed access to Trump.
https://www.washingtonpost.com/busi...s-campaign-fend-off-regulation-audio-reveals/

Billing himself as one of President Trump’s top fundraisers, Michael Hodges told fellow payday lenders recently that industry contributions to the president’s reelection campaign could be leveraged to gain access to the Trump administration.

“Every dollar amount, no matter how small or large it is” is important, Hodges, founder of Advance Financial, one of the country’s largest payday lenders, said during a 48-minute webcast, obtained by The Washington Post.

“For example, I’ve gone to Ronna McDaniel and said, ‘Ronna, I need help on something,’ ” Hodges said, referring to the chair of the Republican National Committee. “She’s been able to call over to the White House and say, ‘Hey, we have one of our large givers. They need an audience. … They need to be heard and you need to listen to them.’ So that’s why it’s important.”

How Payday Lenders Spent $1 Million at a Trump Resort — and Cashed In
https://www.propublica.org/article/...ent-1-million-at-a-trump-resort-and-cashed-in

"The industry had felt under siege during the Obama administration, as the federal government moved to clamp down. A government study found that a majority of payday loans are made to people who pay more in interest and fees than they initially borrow. Google and Facebook refuse to take the industry’s ads."
..........................................................................
Predatory lenders and Trump. What a perfect match. Don is naturally attracted to grifters, being one himself. No wonder he wanted to be able to remove the leadership at the CFPB.

Making this change to the rule at a time of severe economic stress for millions of Americans is unconscionable...........and completely consistent with Trump's nature.

What those banks did to our indigenous communities is fucked up. I think they got fucked over the worst.
Can you imagine getting into a loan with up to 350% interest? Thats all over the country. It is rotten.

 

[Bootney Lee Farnsworth]

This type of business should be banned.

It's the type of business that SHOULD be banned, but I am the type of person who doesn't like to control others.

But, I don't have a problem making it harder for them to get poor folks in the payday loop.

How do you do that? There will always be a market for these kinds of loans. If you eliminate an actual business from doing it the drug dealers and gangs will do it. At least with a payday loan company their recourse is by legal means and making you turn over your daughter to a pimp to pay it off.

True. You make a great point.

Maybe make bankruptcy on those types the lowest of the low in a cram-down situation, or something. I don't know.

 

[Indeependent]

This type of business should be banned.

Yeah, they can just get loans from the mob like the old days.

You can’t legislate stupid. And if you’re in the payday loan loop, you’re a fucking idiot.

you’re a fucking idiot
Like Berg80

 

[petro]

Maybe people and our government should learn to live within their means...

 

[Andylusion]

https://www.cnbc.com/2020/07/07/new...llions-of-americans-exposed-to-debt-trap.html

*The Consumer Financial Protection Bureau on Tuesday issued a final rule on payday lending, rescinding Obama-era provisions that would have required lenders to ensure borrowers could repay their loans before issuing cash advances.

“Last October we learned that, in exchange for contributions to the Trump campaign, payday lenders were bragging about being able to ‘pick up the phone and...get the president’s attention’ to fend off regulation,” Sen. Sherrod Brown (D-Ohio) said in a statement Tuesday. “Today, the CFPB gave payday lenders exactly what they paid for by gutting a rule that would have protected American families from predatory loans that trap them in cycles of debt.”*

Payday lenders discussed raising money for Trump’s campaign to fend off regulation, audio reveals
To ensure Democrats don’t block weaker industry rules, payday lenders said they needed access to Trump.
https://www.washingtonpost.com/busi...s-campaign-fend-off-regulation-audio-reveals/

Billing himself as one of President Trump’s top fundraisers, Michael Hodges told fellow payday lenders recently that industry contributions to the president’s reelection campaign could be leveraged to gain access to the Trump administration.

“Every dollar amount, no matter how small or large it is” is important, Hodges, founder of Advance Financial, one of the country’s largest payday lenders, said during a 48-minute webcast, obtained by The Washington Post.

“For example, I’ve gone to Ronna McDaniel and said, ‘Ronna, I need help on something,’ ” Hodges said, referring to the chair of the Republican National Committee. “She’s been able to call over to the White House and say, ‘Hey, we have one of our large givers. They need an audience. … They need to be heard and you need to listen to them.’ So that’s why it’s important.”

How Payday Lenders Spent $1 Million at a Trump Resort — and Cashed In
https://www.propublica.org/article/...ent-1-million-at-a-trump-resort-and-cashed-in

"The industry had felt under siege during the Obama administration, as the federal government moved to clamp down. A government study found that a majority of payday loans are made to people who pay more in interest and fees than they initially borrow. Google and Facebook refuse to take the industry’s ads."
..........................................................................
Predatory lenders and Trump. What a perfect match. Don is naturally attracted to grifters, being one himself. No wonder he wanted to be able to remove the leadership at the CFPB.

Making this change to the rule at a time of severe economic stress for millions of Americans is unconscionable...........and completely consistent with Trump's nature.

I agree with this ruling.

It is not the job of other people, to make sure you don't do something stupid.

Take personal responsibility for your actions. YOU determine if you are able to take out a loan. YOU determine if you are able to pay back the loan.

Do car manufacturers need to start paying for psychological evaluations to make sure every single buyer is mentally capable of not driving the car into people on the sidewalk?

It's not the governments job to make sure every idiotic choice you make in life, is for your benefit. It's your job to make sure your choices are for your benefit.

 

[Andylusion]

This type of business should be banned.

It's the type of business that SHOULD be banned, but I am the type of person who doesn't like to control others.

But, I don't have a problem making it harder for them to get poor folks in the payday loop.

How do you do that? There will always be a market for these kinds of loans. If you eliminate an actual business from doing it the drug dealers and gangs will do it. At least with a payday loan company their recourse is by legal means and making you turn over your daughter to a pimp to pay it off.

True. You make a great point.

Maybe make bankruptcy on those types the lowest of the low in a cram-down situation, or something. I don't know.

That won't help. Bankruptcy will actually encourage people to engage in those types of loans, because they know that if they get into trouble, they can always file bankruptcy.

I remember reading about regulators from the UK, which were absolutely baffled by American laws passed that allowed people to file bankruptcy, and they responded that off course you can't just let people walk away from their debts. That will just encourage people irresponsibly going into debt. They had no idea that we had bankruptcy laws on the books for decades.

Another example would be Canada which has less banking regulations than the US, and yet had no sub-prime crash and mass foreclosures.

And the reason for this is really simple. In Canada if you borrow money on a house, and you default, they will chase you until you die for the full and total amount of the loan. You *WILL* pay back the full amount you borrowed. There is no 'bankruptcy' and then you can walk away on a foreclosure, owing pennies on the dollar. If you own the bank $100,000 on a house, and you default... they will garnish your wages until you pay back that $100,000.

Well of course knowing that, people tend to not buy homes they can't afford.

Thus there was no crash in Canada.

So the real solution to this problem is the exact opposite. The solution is not to try and figure out how to force banks to make loans by divining who can pay back a loan, and who can not.

The solution is to make it absolutely impossible to file bankruptcy. Make it so people absolutely must pay back every penny they borrow. And when people see how they can't walk away from back financial choices, they will stop making bad financial choices.

That is the real solution.

 

[HereWeGoAgain]

https://www.cnbc.com/2020/07/07/new...llions-of-americans-exposed-to-debt-trap.html

*The Consumer Financial Protection Bureau on Tuesday issued a final rule on payday lending, rescinding Obama-era provisions that would have required lenders to ensure borrowers could repay their loans before issuing cash advances.

“Last October we learned that, in exchange for contributions to the Trump campaign, payday lenders were bragging about being able to ‘pick up the phone and...get the president’s attention’ to fend off regulation,” Sen. Sherrod Brown (D-Ohio) said in a statement Tuesday. “Today, the CFPB gave payday lenders exactly what they paid for by gutting a rule that would have protected American families from predatory loans that trap them in cycles of debt.”*

Payday lenders discussed raising money for Trump’s campaign to fend off regulation, audio reveals
To ensure Democrats don’t block weaker industry rules, payday lenders said they needed access to Trump.
https://www.washingtonpost.com/busi...s-campaign-fend-off-regulation-audio-reveals/

Billing himself as one of President Trump’s top fundraisers, Michael Hodges told fellow payday lenders recently that industry contributions to the president’s reelection campaign could be leveraged to gain access to the Trump administration.

“Every dollar amount, no matter how small or large it is” is important, Hodges, founder of Advance Financial, one of the country’s largest payday lenders, said during a 48-minute webcast, obtained by The Washington Post.

“For example, I’ve gone to Ronna McDaniel and said, ‘Ronna, I need help on something,’ ” Hodges said, referring to the chair of the Republican National Committee. “She’s been able to call over to the White House and say, ‘Hey, we have one of our large givers. They need an audience. … They need to be heard and you need to listen to them.’ So that’s why it’s important.”

How Payday Lenders Spent $1 Million at a Trump Resort — and Cashed In
https://www.propublica.org/article/...ent-1-million-at-a-trump-resort-and-cashed-in

"The industry had felt under siege during the Obama administration, as the federal government moved to clamp down. A government study found that a majority of payday loans are made to people who pay more in interest and fees than they initially borrow. Google and Facebook refuse to take the industry’s ads."
..........................................................................
Predatory lenders and Trump. What a perfect match. Don is naturally attracted to grifters, being one himself. No wonder he wanted to be able to remove the leadership at the CFPB.

Making this change to the rule at a time of severe economic stress for millions of Americans is unconscionable...........and completely consistent with Trump's nature.

What those banks did to our indigenous communities is fucked up. I think they got fucked over the worst.
Can you imagine getting into a loan with up to 350% interest? Thats all over the country. It is rotten.

Can you imagine being dumb enough to take out a loan at those rates?

 

[fncceo]

It's pretty simple. Don't borrow money that you can't afford to pay back.

The government isn't your mummy and daddy.

 

[okfine]

https://www.cnbc.com/2020/07/07/new...llions-of-americans-exposed-to-debt-trap.html

*The Consumer Financial Protection Bureau on Tuesday issued a final rule on payday lending, rescinding Obama-era provisions that would have required lenders to ensure borrowers could repay their loans before issuing cash advances.

“Last October we learned that, in exchange for contributions to the Trump campaign, payday lenders were bragging about being able to ‘pick up the phone and...get the president’s attention’ to fend off regulation,” Sen. Sherrod Brown (D-Ohio) said in a statement Tuesday. “Today, the CFPB gave payday lenders exactly what they paid for by gutting a rule that would have protected American families from predatory loans that trap them in cycles of debt.”*

Payday lenders discussed raising money for Trump’s campaign to fend off regulation, audio reveals
To ensure Democrats don’t block weaker industry rules, payday lenders said they needed access to Trump.
https://www.washingtonpost.com/busi...s-campaign-fend-off-regulation-audio-reveals/

Billing himself as one of President Trump’s top fundraisers, Michael Hodges told fellow payday lenders recently that industry contributions to the president’s reelection campaign could be leveraged to gain access to the Trump administration.

“Every dollar amount, no matter how small or large it is” is important, Hodges, founder of Advance Financial, one of the country’s largest payday lenders, said during a 48-minute webcast, obtained by The Washington Post.

“For example, I’ve gone to Ronna McDaniel and said, ‘Ronna, I need help on something,’ ” Hodges said, referring to the chair of the Republican National Committee. “She’s been able to call over to the White House and say, ‘Hey, we have one of our large givers. They need an audience. … They need to be heard and you need to listen to them.’ So that’s why it’s important.”

How Payday Lenders Spent $1 Million at a Trump Resort — and Cashed In
https://www.propublica.org/article/...ent-1-million-at-a-trump-resort-and-cashed-in

"The industry had felt under siege during the Obama administration, as the federal government moved to clamp down. A government study found that a majority of payday loans are made to people who pay more in interest and fees than they initially borrow. Google and Facebook refuse to take the industry’s ads."
..........................................................................
Predatory lenders and Trump. What a perfect match. Don is naturally attracted to grifters, being one himself. No wonder he wanted to be able to remove the leadership at the CFPB.

Making this change to the rule at a time of severe economic stress for millions of Americans is unconscionable...........and completely consistent with Trump's nature.

What those banks did to our indigenous communities is fucked up. I think they got fucked over the worst.
Can you imagine getting into a loan with up to 350% interest? Thats all over the country. It is rotten.

Can you imagine being dumb enough to take out a loan at those rates?

Those shops are set up in communities that are vulnerable. Those that practice in that know exactly what they are doing. Predatory lenders are scumbags.

 

[Crepitus]

https://www.cnbc.com/2020/07/07/new...llions-of-americans-exposed-to-debt-trap.html

*The Consumer Financial Protection Bureau on Tuesday issued a final rule on payday lending, rescinding Obama-era provisions that would have required lenders to ensure borrowers could repay their loans before issuing cash advances.

“Last October we learned that, in exchange for contributions to the Trump campaign, payday lenders were bragging about being able to ‘pick up the phone and...get the president’s attention’ to fend off regulation,” Sen. Sherrod Brown (D-Ohio) said in a statement Tuesday. “Today, the CFPB gave payday lenders exactly what they paid for by gutting a rule that would have protected American families from predatory loans that trap them in cycles of debt.”*

Payday lenders discussed raising money for Trump’s campaign to fend off regulation, audio reveals
To ensure Democrats don’t block weaker industry rules, payday lenders said they needed access to Trump.
https://www.washingtonpost.com/busi...s-campaign-fend-off-regulation-audio-reveals/

Billing himself as one of President Trump’s top fundraisers, Michael Hodges told fellow payday lenders recently that industry contributions to the president’s reelection campaign could be leveraged to gain access to the Trump administration.

“Every dollar amount, no matter how small or large it is” is important, Hodges, founder of Advance Financial, one of the country’s largest payday lenders, said during a 48-minute webcast, obtained by The Washington Post.

“For example, I’ve gone to Ronna McDaniel and said, ‘Ronna, I need help on something,’ ” Hodges said, referring to the chair of the Republican National Committee. “She’s been able to call over to the White House and say, ‘Hey, we have one of our large givers. They need an audience. … They need to be heard and you need to listen to them.’ So that’s why it’s important.”

How Payday Lenders Spent $1 Million at a Trump Resort — and Cashed In
https://www.propublica.org/article/...ent-1-million-at-a-trump-resort-and-cashed-in

"The industry had felt under siege during the Obama administration, as the federal government moved to clamp down. A government study found that a majority of payday loans are made to people who pay more in interest and fees than they initially borrow. Google and Facebook refuse to take the industry’s ads."
..........................................................................
Predatory lenders and Trump. What a perfect match. Don is naturally attracted to grifters, being one himself. No wonder he wanted to be able to remove the leadership at the CFPB.

Making this change to the rule at a time of severe economic stress for millions of Americans is unconscionable...........and completely consistent with Trump's nature.

Every criminal who owns a piece of a payday loan company should be imprisoned on loansharking charges.

They have to post their rates for all to see, unlike Jimmy kneeknocker who shylocks out of the local bar.

Doesn't matter, they're still.criminals who belong in jail.

 

[Crepitus]

https://www.cnbc.com/2020/07/07/new...llions-of-americans-exposed-to-debt-trap.html

*The Consumer Financial Protection Bureau on Tuesday issued a final rule on payday lending, rescinding Obama-era provisions that would have required lenders to ensure borrowers could repay their loans before issuing cash advances.

“Last October we learned that, in exchange for contributions to the Trump campaign, payday lenders were bragging about being able to ‘pick up the phone and...get the president’s attention’ to fend off regulation,” Sen. Sherrod Brown (D-Ohio) said in a statement Tuesday. “Today, the CFPB gave payday lenders exactly what they paid for by gutting a rule that would have protected American families from predatory loans that trap them in cycles of debt.”*

Payday lenders discussed raising money for Trump’s campaign to fend off regulation, audio reveals
To ensure Democrats don’t block weaker industry rules, payday lenders said they needed access to Trump.
https://www.washingtonpost.com/busi...s-campaign-fend-off-regulation-audio-reveals/

Billing himself as one of President Trump’s top fundraisers, Michael Hodges told fellow payday lenders recently that industry contributions to the president’s reelection campaign could be leveraged to gain access to the Trump administration.

“Every dollar amount, no matter how small or large it is” is important, Hodges, founder of Advance Financial, one of the country’s largest payday lenders, said during a 48-minute webcast, obtained by The Washington Post.

“For example, I’ve gone to Ronna McDaniel and said, ‘Ronna, I need help on something,’ ” Hodges said, referring to the chair of the Republican National Committee. “She’s been able to call over to the White House and say, ‘Hey, we have one of our large givers. They need an audience. … They need to be heard and you need to listen to them.’ So that’s why it’s important.”

How Payday Lenders Spent $1 Million at a Trump Resort — and Cashed In
https://www.propublica.org/article/...ent-1-million-at-a-trump-resort-and-cashed-in

"The industry had felt under siege during the Obama administration, as the federal government moved to clamp down. A government study found that a majority of payday loans are made to people who pay more in interest and fees than they initially borrow. Google and Facebook refuse to take the industry’s ads."
..........................................................................
Predatory lenders and Trump. What a perfect match. Don is naturally attracted to grifters, being one himself. No wonder he wanted to be able to remove the leadership at the CFPB.

Making this change to the rule at a time of severe economic stress for millions of Americans is unconscionable...........and completely consistent with Trump's nature.

Every criminal who owns a piece of a payday loan company should be imprisoned on loansharking charges.

I don't know how they get away with it. There are usury laws.

Loopholes and help from asswipes like tRump.

 

[Crepitus]

https://www.cnbc.com/2020/07/07/new...llions-of-americans-exposed-to-debt-trap.html

*The Consumer Financial Protection Bureau on Tuesday issued a final rule on payday lending, rescinding Obama-era provisions that would have required lenders to ensure borrowers could repay their loans before issuing cash advances.

“Last October we learned that, in exchange for contributions to the Trump campaign, payday lenders were bragging about being able to ‘pick up the phone and...get the president’s attention’ to fend off regulation,” Sen. Sherrod Brown (D-Ohio) said in a statement Tuesday. “Today, the CFPB gave payday lenders exactly what they paid for by gutting a rule that would have protected American families from predatory loans that trap them in cycles of debt.”*

Payday lenders discussed raising money for Trump’s campaign to fend off regulation, audio reveals
To ensure Democrats don’t block weaker industry rules, payday lenders said they needed access to Trump.
https://www.washingtonpost.com/busi...s-campaign-fend-off-regulation-audio-reveals/

Billing himself as one of President Trump’s top fundraisers, Michael Hodges told fellow payday lenders recently that industry contributions to the president’s reelection campaign could be leveraged to gain access to the Trump administration.

“Every dollar amount, no matter how small or large it is” is important, Hodges, founder of Advance Financial, one of the country’s largest payday lenders, said during a 48-minute webcast, obtained by The Washington Post.

“For example, I’ve gone to Ronna McDaniel and said, ‘Ronna, I need help on something,’ ” Hodges said, referring to the chair of the Republican National Committee. “She’s been able to call over to the White House and say, ‘Hey, we have one of our large givers. They need an audience. … They need to be heard and you need to listen to them.’ So that’s why it’s important.”

How Payday Lenders Spent $1 Million at a Trump Resort — and Cashed In
https://www.propublica.org/article/...ent-1-million-at-a-trump-resort-and-cashed-in

"The industry had felt under siege during the Obama administration, as the federal government moved to clamp down. A government study found that a majority of payday loans are made to people who pay more in interest and fees than they initially borrow. Google and Facebook refuse to take the industry’s ads."
..........................................................................
Predatory lenders and Trump. What a perfect match. Don is naturally attracted to grifters, being one himself. No wonder he wanted to be able to remove the leadership at the CFPB.

Making this change to the rule at a time of severe economic stress for millions of Americans is unconscionable...........and completely consistent with Trump's nature.

Every criminal who owns a piece of a payday loan company should be imprisoned on loansharking charges.

I don't know how they get away with it. There are usury laws.

Democrats don't obey laws, they don't have too, it's even in the constitution.

You claim to love that document so much, why haven't you ever read it?

 

[whitehall]

The post doesn't make sense except to link to various left wing opinions. The link to the Washington post doesn't work unless you subscribe. WAPO must be desperate.

 

[Toddsterpatriot]

https://www.cnbc.com/2020/07/07/new...llions-of-americans-exposed-to-debt-trap.html

*The Consumer Financial Protection Bureau on Tuesday issued a final rule on payday lending, rescinding Obama-era provisions that would have required lenders to ensure borrowers could repay their loans before issuing cash advances.

“Last October we learned that, in exchange for contributions to the Trump campaign, payday lenders were bragging about being able to ‘pick up the phone and...get the president’s attention’ to fend off regulation,” Sen. Sherrod Brown (D-Ohio) said in a statement Tuesday. “Today, the CFPB gave payday lenders exactly what they paid for by gutting a rule that would have protected American families from predatory loans that trap them in cycles of debt.”*

Payday lenders discussed raising money for Trump’s campaign to fend off regulation, audio reveals
To ensure Democrats don’t block weaker industry rules, payday lenders said they needed access to Trump.
https://www.washingtonpost.com/busi...s-campaign-fend-off-regulation-audio-reveals/

Billing himself as one of President Trump’s top fundraisers, Michael Hodges told fellow payday lenders recently that industry contributions to the president’s reelection campaign could be leveraged to gain access to the Trump administration.

“Every dollar amount, no matter how small or large it is” is important, Hodges, founder of Advance Financial, one of the country’s largest payday lenders, said during a 48-minute webcast, obtained by The Washington Post.

“For example, I’ve gone to Ronna McDaniel and said, ‘Ronna, I need help on something,’ ” Hodges said, referring to the chair of the Republican National Committee. “She’s been able to call over to the White House and say, ‘Hey, we have one of our large givers. They need an audience. … They need to be heard and you need to listen to them.’ So that’s why it’s important.”

How Payday Lenders Spent $1 Million at a Trump Resort — and Cashed In
https://www.propublica.org/article/...ent-1-million-at-a-trump-resort-and-cashed-in

"The industry had felt under siege during the Obama administration, as the federal government moved to clamp down. A government study found that a majority of payday loans are made to people who pay more in interest and fees than they initially borrow. Google and Facebook refuse to take the industry’s ads."
..........................................................................
Predatory lenders and Trump. What a perfect match. Don is naturally attracted to grifters, being one himself. No wonder he wanted to be able to remove the leadership at the CFPB.

Making this change to the rule at a time of severe economic stress for millions of Americans is unconscionable...........and completely consistent with Trump's nature.

What those banks did to our indigenous communities is fucked up. I think they got fucked over the worst.
Can you imagine getting into a loan with up to 350% interest? Thats all over the country. It is rotten.

Can you imagine being dumb enough to take out a loan at those rates?

Those shops are set up in communities that are vulnerable. Those that practice in that know exactly what they are doing. Predatory lenders are scumbags.

Those shops are set up in communities that are vulnerable.

You mean people in rich areas won't pay such high rates on such short term loans?

Those that practice in that know exactly what they are doing.

Meeting a need.

Predatory lenders are scumbags.

Then you should definitely avoid doing business with them.

 

[HereWeGoAgain]

https://www.cnbc.com/2020/07/07/new...llions-of-americans-exposed-to-debt-trap.html

*The Consumer Financial Protection Bureau on Tuesday issued a final rule on payday lending, rescinding Obama-era provisions that would have required lenders to ensure borrowers could repay their loans before issuing cash advances.

“Last October we learned that, in exchange for contributions to the Trump campaign, payday lenders were bragging about being able to ‘pick up the phone and...get the president’s attention’ to fend off regulation,” Sen. Sherrod Brown (D-Ohio) said in a statement Tuesday. “Today, the CFPB gave payday lenders exactly what they paid for by gutting a rule that would have protected American families from predatory loans that trap them in cycles of debt.”*

Payday lenders discussed raising money for Trump’s campaign to fend off regulation, audio reveals
To ensure Democrats don’t block weaker industry rules, payday lenders said they needed access to Trump.
https://www.washingtonpost.com/busi...s-campaign-fend-off-regulation-audio-reveals/

Billing himself as one of President Trump’s top fundraisers, Michael Hodges told fellow payday lenders recently that industry contributions to the president’s reelection campaign could be leveraged to gain access to the Trump administration.

“Every dollar amount, no matter how small or large it is” is important, Hodges, founder of Advance Financial, one of the country’s largest payday lenders, said during a 48-minute webcast, obtained by The Washington Post.

“For example, I’ve gone to Ronna McDaniel and said, ‘Ronna, I need help on something,’ ” Hodges said, referring to the chair of the Republican National Committee. “She’s been able to call over to the White House and say, ‘Hey, we have one of our large givers. They need an audience. … They need to be heard and you need to listen to them.’ So that’s why it’s important.”

How Payday Lenders Spent $1 Million at a Trump Resort — and Cashed In
https://www.propublica.org/article/...ent-1-million-at-a-trump-resort-and-cashed-in

"The industry had felt under siege during the Obama administration, as the federal government moved to clamp down. A government study found that a majority of payday loans are made to people who pay more in interest and fees than they initially borrow. Google and Facebook refuse to take the industry’s ads."
..........................................................................
Predatory lenders and Trump. What a perfect match. Don is naturally attracted to grifters, being one himself. No wonder he wanted to be able to remove the leadership at the CFPB.

Making this change to the rule at a time of severe economic stress for millions of Americans is unconscionable...........and completely consistent with Trump's nature.

What those banks did to our indigenous communities is fucked up. I think they got fucked over the worst.
Can you imagine getting into a loan with up to 350% interest? Thats all over the country. It is rotten.

Can you imagine being dumb enough to take out a loan at those rates?

Those shops are set up in communities that are vulnerable. Those that practice in that know exactly what they are doing. Predatory lenders are scumbags.

Well no shit.
Ya think they're gonna set em up in Beverly Hills?

 

[depotoo]

Uh, please read-
WASHINGTON, D.C. — The Consumer Financial Protection Bureau today ratified most regulatory actions the Bureau took from January 4, 2012 through June 30, 2020. The ratification of previous regulatory actions provides the financial marketplace with certainty that the rules are valid in light of the Supreme Court decision in Seila Law.

“The Bureau is taking action to ensure that consumers and market participants understand that the same rules continue to govern the consumer financial marketplace,” said CFPB Director Kathleen L. Kraninger.

 

[Missouri_Mike]

https://www.cnbc.com/2020/07/07/new...llions-of-americans-exposed-to-debt-trap.html

*The Consumer Financial Protection Bureau on Tuesday issued a final rule on payday lending, rescinding Obama-era provisions that would have required lenders to ensure borrowers could repay their loans before issuing cash advances.

“Last October we learned that, in exchange for contributions to the Trump campaign, payday lenders were bragging about being able to ‘pick up the phone and...get the president’s attention’ to fend off regulation,” Sen. Sherrod Brown (D-Ohio) said in a statement Tuesday. “Today, the CFPB gave payday lenders exactly what they paid for by gutting a rule that would have protected American families from predatory loans that trap them in cycles of debt.”*

Payday lenders discussed raising money for Trump’s campaign to fend off regulation, audio reveals
To ensure Democrats don’t block weaker industry rules, payday lenders said they needed access to Trump.
https://www.washingtonpost.com/busi...s-campaign-fend-off-regulation-audio-reveals/

Billing himself as one of President Trump’s top fundraisers, Michael Hodges told fellow payday lenders recently that industry contributions to the president’s reelection campaign could be leveraged to gain access to the Trump administration.

“Every dollar amount, no matter how small or large it is” is important, Hodges, founder of Advance Financial, one of the country’s largest payday lenders, said during a 48-minute webcast, obtained by The Washington Post.

“For example, I’ve gone to Ronna McDaniel and said, ‘Ronna, I need help on something,’ ” Hodges said, referring to the chair of the Republican National Committee. “She’s been able to call over to the White House and say, ‘Hey, we have one of our large givers. They need an audience. … They need to be heard and you need to listen to them.’ So that’s why it’s important.”

How Payday Lenders Spent $1 Million at a Trump Resort — and Cashed In
https://www.propublica.org/article/...ent-1-million-at-a-trump-resort-and-cashed-in

"The industry had felt under siege during the Obama administration, as the federal government moved to clamp down. A government study found that a majority of payday loans are made to people who pay more in interest and fees than they initially borrow. Google and Facebook refuse to take the industry’s ads."
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Predatory lenders and Trump. What a perfect match. Don is naturally attracted to grifters, being one himself. No wonder he wanted to be able to remove the leadership at the CFPB.

Making this change to the rule at a time of severe economic stress for millions of Americans is unconscionable...........and completely consistent with Trump's nature.

What those banks did to our indigenous communities is fucked up. I think they got fucked over the worst.
Can you imagine getting into a loan with up to 350% interest? Thats all over the country. It is rotten.

350%? The only way that can happen is through government regulation. There isn’t a gangster on the planet that wouldn’t undercut 350% loans. Holy shit.

 

[whitehall]

Leftie Covid rhetoric keeps us in a state of virtual martial law lite and mobs threaten mostly democrat party run cities and yet the left wing media has time to root through obscure federal guideline that they call "payday lending rules" in order to criticize the President. Is it ever going to end?