Trump Slays Payday Loan Industry, oh wait

[High Plains Drifter 11192]

https://www.npr.org/2018/04/18/603637901/payday-lenders-convening-at-a-trump-resort-are-met-by-protesters

 

Quote

It's been a good year for the payday lending industry. Shortly after taking over as head of the Consumer Financial Protection Bureau, White House Budget Director Mick Mulvaney put tough new regulations for the industry on hold. Since then, stocks for publicly traded payday lenders have shot up.

The rules, published before Mulvaney came on board last year, limited the number of loans payday lender could issue to each borrower. The lenders would also have to make sure the borrower had the ability to repay the loan.

The industry called it overregulation and stepped up its lobbying efforts. The Community Financial Services Association of America, the payday industry's trade group, booked its annual conference at Trump National Doral.

"Any way to gain access or curry favor, they're going to do," said Stephen Reeves, with the Cooperative Baptist Fellowship in Georgia, who came to protest outside the conference. "We've seen this industry is incredibly creative and responsive in the ways it influences — whether it's through lobbyists or campaign contributions. So I don't think this is a coincidence."

The industry's efforts have paid off. After being appointed last year, the CFPB's interim director, Mick Mulvaney, dropped a lawsuit against a payday lender. He has been criticized for taking more than $60,000 in campaign donations from payday lenders while he was in Congress.

In a Senate hearing last week, he said he's reevaluating rules for the payday industry developed by his predecessor, former CFPB Director Richard Cordray. Mulvaney wouldn't speculate on what the final rules will look like. But he told senators that he questioned whether the federal agency he runs has the authority to pass any regulations of the industry.

 

[Brian Fantana 6872]

RIP Swam

[atomheartbevo 90663]

35 minutes ago, Brian Fantana said:

RIP Swam

He’s fine. 

He just discovered the saying “it’s not gay if you’re underway!”

[MaybeACoordinator 8350]

Trump only slayed the seedy payday loan industry, not the regular one. 

[Fudge Nuggets 19465]

4 hours ago, High Plains Drifter said:

The Community Financial Services Association of America, the payday industry's trade group, booked its annual conference at Trump National Doral.

 

4 hours ago, High Plains Drifter said:

He has been criticized for taking more than $60,000 in campaign donations from payday lenders while he was in Congress.

Good fucking Lord...  if this is MAGA, then I want us to suck.

[Swam's Knee 4]

13 hours ago, atomheartbevo said:

He’s fine. 

He just discovered the saying “it’s not gay if you’re underway!”

Dude, don't give him any ideas, my life is hard enough as it is.

[Gil Bang 26247]

 

[JimmyJames 12271]

Was this swams greatest thread on the scat site? Because I think it was.

RIP Swamy. May the WiFi on the boat last long enough to afford you a new and greater sock. 

[Tyler Durden 132]

Was this swams greatest thread on the scat site? Because I think it was.
RIP Swamy. May the WiFi on the boat last long enough to afford you a new and greater sock. 

Swam was a true idiot for the ages.

[DixonHur 11967]

Make Payday Loans Seedy Again!