Trump Sides With Payday Lenders Preying On Poor In Red States

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Cinnabar

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Not content with helping legitimate business, the Trump administration extended a hand to one of the sleaziest sectors of the corporate world, payday lenders, rolling back Obama administration rules designed to protect consumers from their abuses.

“Payday lenders are bottom feeders,” National Consumers League Executive Director Sally Greenberg e-mailed. “If there is a need for these exorbitant loans, then the CFPB must exert its authority to rein in its most egregious predatory practices.”

Payday lenders prey on an estimated 30 million people—most of them senior citizens, retirees, minorities, and workers—forced to live paycheck to paycheck and who often come up short.

They spent big at Trump's resort, btw.

https://www.peoplesworld.org/articl...-sides-with-payday-lenders-against-consumers/
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Mick Mulvaney, Trump's director of the Office of Management and Budget, is currently in charge of CFPB and has quickly begun working to move the agency from working for consumers to working against their interests.

When Mulvaney served in Congress, he received thousands of dollars in donations from the payday loan industry. In a briefing with reporters last year, Mulvaney claimed the money would not influence his decision-making.

Now, he is doing exactly what his benefactors in the industry want.

https://shareblue.com/trump-wants-to-make-it-easier-for-payday-lenders-to-rip-off-the-working-poor/
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Trump is predatory creature who has opened the floodgates of the swamp to welcome in other predators.
 
payday lenders suck but speaking as someone in the banking industry its not like banks are going to lend money to these people. I mean they are there precisely because they maxed out on all existing available credit. so if not payday loans its loansharks or starve.
 
tsuke said:
payday lenders suck but speaking as someone in the banking industry its not like banks are going to lend money to these people. I mean they are there precisely because they maxed out on all existing available credit. so if not payday loans its loansharks or starve.
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Yes! Yes! Yes! People like Donald Trump who has a long history of filing Bankruptcies couldn't get a loan from a Prime Lender in the USA if his life depended on it.

Because he can't be trusted with money!

So basically even our beloved president has to seek out 3rd world lenders, and use money laundering, and make Quid Pro Quos to help him float his billionaire status and pay his mortgages.
 
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Earl groans every time he hears the truth! LOL

Just watching him get his panties in a wad and shart his little britches is hysterical!

What an attention whore!

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I hope that this issue, and other similar consumer protection regulations that the Toadstool has nuked, are targeted by whoever gets the (D) nomination. Another one that needs restoration is the requirement that financial advisers have a fiduciary duty to their clients rather than to themselves. Tossing that one in the trash was one of the Crook-in-Chief's first EOs after taking office.
 
ThatOwlWoman said:
I hope that this issue, and other similar consumer protection regulations that the Toadstool has nuked, are targeted by whoever gets the (D) nomination. Another one that needs restoration is the requirement that financial advisers have a fiduciary duty to their clients rather than to themselves. Tossing that one in the trash was one of the Crook-in-Chief's first EOs after taking office.
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I know Warren will be on it.
 
ThatOwlWoman said:
I hope that this issue, and other similar consumer protection regulations that the Toadstool has nuked, are targeted by whoever gets the (D) nomination. Another one that needs restoration is the requirement that financial advisers have a fiduciary duty to their clients rather than to themselves. Tossing that one in the trash was one of the Crook-in-Chief's first EOs after taking office.
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Why does the name Elizabeth Warren come to mind...

Statement from Senator Elizabeth Warren on CFPB's New Payday Lending Rule

"Payday lenders don't make their high profits on ordinary small-dollar loans. The big bucks come from trapping a portion of the borrowers in a cycle of debt that crushes families and sucks money out of communities that can least afford it. The CFPB's new rule will stop these abuses and, once again, help level the playing field for all families."

The new rule, which is aimed at stopping payday loan debt traps, requires lenders to determine in advance whether consumers can afford to repay their loans and applies to loans that are due in full by the borrower's next paycheck. The rule also includes a provision that restricts lenders' repeated attempts to collect payments from a borrower's bank account.

https://www.warren.senate.gov/newsr...rren-on-cfpb-and-039s-new-payday-lending-rule
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he new rule, which is aimed at stopping payday loan debt traps, requires lenders to determine in advance whether consumers can afford to repay their loans and applies to loans that are due in full by the borrower's next paycheck
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how can they "determine" anything? they don't even do a credit check -all you need is proof of a paycheck
 
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