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I guess pay day lenders are a great benefit to poor people, best to leave them unregulated.
Nick Mulvaney nailed this one, we're in good hands.
Quote:
WASHINGTON — In mid-April, hundreds of members of the payday lending industry will head to Florida for their annual retreat featuring golf and networking at a plush resort just outside Miami. The resort just happens to be the Trump National Doral Golf Club.
It will cap a year in which the industry has gone from villain to victor, the result of a concentrated lobbying campaign that has culminated in the Trump administration’s loosening regulatory grip on payday lenders and a far friendlier approach by the industry’s nemesis, the Consumer Financial Protection Bureau.
Gone is Richard Cordray, the consumer bureau’s director and so-called bad cop, who levied fines and brought lawsuits to crack down on usurious business practices by an industry that offers short-term, high-interest loans that critics say trap vulnerable consumers in a feedback loop of debt. In his place is Mick Mulvaney, the White House budget director and a former South Carolina congressman, who was chosen by President Trump to assume temporary control of the bureau and has emerged as something of a white knight for the payday lending industry.
Are you serious? I can't tell if you're being sarcastic.
Payday lenders are usurious scum, preying on desperate people. I suggest you watch the Frontline documentary on the subject when you get a chance. And Mulvaney seems to be following the usual Republican pattern of destroying any protections for those who most need it.
Are you serious? I can't tell if you're being sarcastic.
Payday lenders are usurious scum, preying on desperate people. I suggest you watch the Frontline documentary on the subject when you get a chance. And Mulvaney seems to be following the usual Republican pattern of destroying any protections for those who most need it.
Pay day lenders have their lobbyists and were successful, surprised that the loan shark lobby didn’t fight this change. Maybe someone can explain the upside of loosening regulations on pay day lenders.
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