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Moving to Scrap Rule Aimed at 'Bottom-Feeding' Payday Lenders, Trump's CFPB Accused of Betraying Core Mission


#1

Moving to Scrap Rule Aimed at 'Bottom-Feeding' Payday Lenders, Trump's CFPB Accused of Betraying Core Mission

Julia Conley, staff writer

"There is no reason to delay implementation of this rule—unless you are more concerned with the needs of payday lenders than you are with the interests of the consumers these financial bottom-feeders prey upon."


#2

There is a word for these criminals and the word is: U-S-U-R-Y!!!


#3

Get rid of the agency altogether. It has already been ruled that the structure is unConstitutional


#4

Wasserman Schultz of Florida has been in bed with payday lenders, and it is only appropriate to mention that both political parties have allowed these obscene loans.


#5

What a sad end to a proud development of our government.


#6

The fleecing of America continues. Halleluah. Praise the almighty buck.


#7

Quelle surprise, the plaintiff’s (PHH) a mortgage servicer that decided about a year ago to restructure because the market had changed (the atmosphere in which the CFPB was created is no more). No doubt CFPB had called PHH off the backs of a number of consumers, as they did Bank of America and several obnoxious debt collectors off mine. Fortunately, I’m about to be rid of the servicer that bought me from BofA.


#8

Thank you for saying BOTH!


#9

As long as Postal Banking (ended by Congress a half century ago) existed there was no need for payday lenders and no payday lending industry existed.

Restore Postal Banking and the payday lending industry, related legislation, and expenditure of taxpayers’ dollars for enforcement are all history.

Restore all the New Deal financial industry regulations that DC politicians decriminalized during the past four decades and there will be no need for CFPB.


#10

He was appointed to head the CFPB for this very purpose. Everyone knows this. Why is this a surprise, to anyone? The fascists own it now boys and girls, and things are never going to be the same. Welcome to a brave new world.


#11

Dump’s minions do have an biz sector to protect that makes loan sharks envious.


#12

Trump’s administration started a new strategy for the benefits of the people of America.They do my essay so that they follow all the rules and regulations.


#13

Banks are no better in this regard. A major Canadian bank gave my parents (70s & 80s) a line of credit with a ridiculous limit. Unfortunately not long after they got a long sob story from a relative “on the ropes” and used this line of credit to “help” them…to a point where making minimum payments will take them 55 years to pay back the line.

I won’t even bother mentioning how thanks to fractional reserves the bank literally “loaned” them nothing and will charge compounding interest on this money they could only conjure with the help of my parents agreement…and should they default they’ll get to take something of actual value (their home) in exchange for risking nothing of their own.

The modern monetary system is a scam of global, epic proportions designed to keep us all slaves and subservient.


#14

Murkins patronize payday lenders BECAUSE "banks are no better in this regard. Restoring postal banking and New Deal financial industry regulations will restore regulation of banks that prevented the emergence of the payday lending industry during the 1935-1985 timeframe.

Global banking is indeed tantamount to large scale organized crime that owns and is therefore sanctioned by gubmits around the world.