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Siding With 'Loan Sharks' Over Consumers, Trump CFPB Moves to Gut Payday Lender Regulations


#1

Siding With 'Loan Sharks' Over Consumers, Trump CFPB Moves to Gut Payday Lender Regulations

Jake Johnson, staff writer

In what progressive lawmakers and advocacy groups decried as the Trump administration's latest "shameful" attack on vulnerable families, the Consumer Financial Protection Bureau (CFPB) unveiled a plan on Wednesday that would gut regulations protecting consumers from predatory payday lenders.

"This decision will put already struggling families in a cycle of debt and leave them in an even worse financial position."
—Vanita Gupta, Leadership Conference on Civil and Human Rights


#2

Last year I started to subscribe to the Public Banking Institute email newsletter.

Seemingly never reported on is the wave of States prepping legislation for Public State Banks. Like a utility that needs to be wrested from wastrel, predatory interests, our foundational finances MUST be COMMUNITY DRIVEN rather than profit driven… cause the wolves have tasted too much blood to do otherwise… Matt Taibbe nailed that one with “giant vampire squid”


#3

There should be no such thing as pay day lenders or credit cards.


#4

Bannon told us TWO years ago this month (at the CPAC convention) that Don and his wrecking crew (cabinet) we’re going to “deconstruct the administrative state.”
So far, so “good.”
Cue the clucking and moaning.


#5

Nobody not even we the people is doing anything about it.


#7

And the majority of the people just sit back and stare and could care less.


#8

The mafia??? Where are you in the 1920s???


#9

And people like you stay asleep at your computor in your easy chair!


#10

and corporate lamestreet media is pushing another neocon or liberal to run for President. Good ole boy Joe Biden coming from Delaware where corporations go to incorporate or used to back in the 80’s to get out paying their fair share and fees. Easy to incorporate there but now many more states have that ability. In fact, they are in competition to be tax havens for foreign investment.

What a wonderful world the globalist have created for themselves.


#12

You don’t know me, and you don’t know how to spell “computer.”


#13

Excuse the spelling, and stop taking everything so personally. If the shoe fits, wear it- on your head if possible.


#14

Then you might consider not making statements that could be construed as personal.


#15

#16

Did anyone really expect anything different than this. Their agenda has been very clear and they don’t care what the public thinks.


#17

Yes, and I’m sure if you were doing real estate in the 1970s in New York City you were doing some business with the mob. Let’s see - who was doing real estate in New York in the 1970s? Who got into the Casino business in Atlantic City - a business well known for its mob connections.


#18

Yea - but its a new mafia with a new happy face. they even use computers and social media- very modern.


#19

A half century ago Congress created a vacuum by getting rid of Postal Banking, which is where low income Americans banked up to that point. That vacuum was quickly filled with an industry that had never previously existed…payday lending.

Restore Postal Banking and the payday lending industry will disappear as fast as it emerged a half century ago.


#20

I beg to differ. A credit card in the right hands is a valued tool, and minor financial instrument. Abuse, like allowing unlimited predatory borrowing is financial death to the borrower in many cases.
If the administration was serious about helping more people secure a loan, those eligible would have to show some reasonable way of payback, or they are in the same sinking boat.
The CFPB is now intentionally corrupt here.


#21

Can we look at it this way? A dem president with dem house and senate passed the CFBP under opposition from the right. When the republicans got power they shot down the CFPB. It’s not uncaring that is the problem, it’s who gets the most votes.
Redundant I know: But elections have consequences. This is why so many unsuccessfully voted for the lesser of two evils. Because of all the shit that runs downhill if Trump and company rule.


#22

Americans are citizens. Consumers are crapola from constipated cerebelums.