New payday lending rules could leave 12M Americans ‘exposed....................

...........to unaffordable payments’

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.

 

Trump is a disgusting human being as you can find.

 

I think the loan sharks are disgusting. But I also people who go to hem are stupid as ****. Ive had friends that Ive known go to crooked ass places like these before, but I notice they still have expensive phone services, are going out to eat, have crazy vehicle payments.... How hard is it to make cuts and live within your means??

 

If Trump didn't generate front page headlines of epic corruption all the time the payday loan giveaway would be talked about for days.

But a story like that can't get the attention it requires because of the onslaught of corruption like this.

Companies with Trump ties got coronavirus small business loans
https://www.cnbc.com/2020/07/07/cor...-companies-with-trump-ties-got-ppp-loans.html

These are the kinds of posts Trumpletons avoid cuz they'd rather accuse a wounded warrior like Sen. Duckworth of hating America.

 

Banks charge obscene rates for their loans and credit cards I can just imagine when these scumbag loan sharks charge taking advantage of desperate people.

 

Atta boy. Right on topic.

 

Those who can manage their money rarely encounter such people. In fact, almost never.

 

I have zero sympathy for people that are so stupid they don't know what they are signing up for.

In my opinion these people should not have control of any money whatsoever.

It is not the governments job to teach people responsibility.

 

I hate to tell you this dude but donations to a campaign have always bought meetings. This was true for Obama, its true for Trump, its been true for every president in living memory. That text in red? Yes, that's always been the understanding of what large donations buy: A moment of your time to bend your ear.

 

These facilities should be closed. Daddy Bush was right interest rates should be capped (I believe he advocated 19.99%) and sure, credit would be tighter but people are better off with nothing than the gouging currently occurring.

No. This not capitalism no matter how you slice it.

 

Oh good, I see that Trump has done something that I support. I totally agree that this Obama era regulation was oppressive to the money lending industry. Now we can flood the market with money like the Fed is getting the treasury to print out the money to stimulate the economy, and this is just another way to do it. Good times are ahead.

 

Putting aside your erroneous claim, the point isn't only Trump going against his laughable (because he has done the opposite) promise of draining the swamp. It's about him giving a policy win to predatory lenders when he should be prioritizing protecting consumers...................or......................closing the race based wealth gap.

Joe Biden’s policy roadmap aims to create a new, federally-backed credit bureau to close the racial wealth gap
https://www.cnbc.com/2020/07/09/joe...racial-wealth-gap-with-new-credit-bureau.html

 

Its not an erroneous claim, its a fact.

Even pay day lenders have a right to do business if people want their services. I'm not sure its the president's job to 'close the race based wealth gap'.

As to Joe: O? Is he going to build a time machine to stop himself from penning the tough on crime bill that disparately impacts minorities? Maybe he'll go support desegregation instead of calling the future a "racial jungle"?
Spare me his pandering, he's not going to do anything for black people.