berg80
Diamond Member
- Oct 28, 2017
- 18,117
- 15,240
- 2,320
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.
*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.