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

[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.

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.

Scott Tucker is from Kansas. Check out this link:

Scott Tucker (businessman) - Wikipedia

en.wikipedia.org

 

[fncceo]

Those shops are set up in communities that are vulnerable.

What makes someone vulnerable to doing something stupid?

 

[Toddsterpatriot]

Those shops are set up in communities that are vulnerable.

What makes someone vulnerable to doing something stupid?

Liberalism.

 

[Dont Taz Me Bro]

This type of business should be banned.

What happened to personal responsibility?

 

[Sun Devil 92]

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.

Yes, any business that has 12 million defaults will stay in business.


Dumbfuck.

 

[Sun Devil 92]

With the greatest economy the world has ever known, there shouldn’t be a need for payday loan companies.

Well, drug dealers don't tend to give out product on credity.

 

[Claudette]

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.

That you are. Once you start that shit, you're hooked.

You can't cure stupid.

 

[Wyatt earp]

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.

Don't get a pay day loan, problem solved.

You're welcome for the financial advise.

 

[Care4all]

USURY LAWS

I had no idea.... but My state is the absolute worst, 30% interest allowed.... but most states are around 6% to 8% without a contract, but with a contract I guess the interest charged is unlimited???

https://www.cuna.org/uploadedFiles/Advocacy/Priorities/State_Government_Affairs/a-z_usury_lawguide.pdf

fyi
If you are a Christian, usury is a sin....

 

[dannyboys]

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.

You seem to know a lot about 'pay-day' loans.

 

[DOTR]

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.

Those predators are always out there. But I’m not sure people who don’t know how much they should borrow should be allowed to vote. You want people running a nuclear power who can’t balance a checkbook? Yeah yeah I know it keeps Democrats in power. But at what cost?

 

[martybegan]

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.

They are a regulated industry that follow rules. The ones that don't are criminals, the ones that do are businesses you don't like.

Typical SJW, wants to make anything they don't like a crime.

 

[DOTR]

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.

You seem to know a lot about 'pay-day' loans.

Bernstein runs a pawn shop I’m sure.

 

[Care4all]

any loan above 10% interest was considered usury, once upon a time..... wonder what lawmakers got that changed....in the various states?

 

[Care4all]

Those shops are set up in communities that are vulnerable.

What makes someone vulnerable to doing something stupid?

needing money to feed themselves and family....??

 

[Crixus]

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.

Easy fix, don't get a payday loan place. Easy.

 

[berg80]

With the greatest economy the world has ever known, there shouldn’t be a need for payday loan companies.

I'm going to assume "With the greatest economy the world has ever known," was said tongue in cheek. The fact is, they do have a customer base. Made up of desperate, uninformed, gullible people who see these loans as their only option.
That Trump would make it easier for the loan companies to take advantage of people in return for campaign donations tells us Trump is exactly who we thought he is.

 

[BluesLegend]

Okay the LEFT coast has been infested with payday loan outlets for decades as the working poor struggle to make ends meat under the LEFT's boot heel of sky high taxes and fees...suddenly this is Trump's fault??

 

[fncceo]

Those shops are set up in communities that are vulnerable.

What makes someone vulnerable to doing something stupid?

needing money to feed themselves and family....??

So, payday loans are a public service? Good deal.

 

[Mac-7]

It preys on the lowest common denominator.

People who pay those rates are stupid