Ahead of Kraninger Hearing, Allied Progress Launches Ad, ‘Trump’s Payday Payback’
WASHINGTON, D.C. – Before CFPB Director Kathy Kraninger attempts to spin how the Trump administration’s policies have been “putting consumers first” at today’s House Financial Services Committee hearing, consumer advocacy group Allied Progress released a new digital ad blasting the Trump-CFPB proposal to rip away a critical consumer protection against the payday lender debt trap. “Trump’s Payday Payback” is backed with paid digital ads on Twitter and Facebook during the hearing – including targeting searchers of #Kraninger, #ProtectConsumers and #StoptheDebtTrap — and urges viewers to commit to submitting a public comment against the proposed payday protection rollback scheme at www.KathyKraninger.com.
“The $2.2 million bet the payday industry made on Donald Trump will be paid back many times over if the administration’s proposal to scrap the ability-to-repay standard is made final,”said Jeremy Funk, spokesman for Allied Progress. “Without this commonsense check in the system, predatory lenders will go right on exploiting millions of vulnerable borrowers they know can’t pay back their mafia-like 400 percent loans in time. Payday Lender CEOs openly admit the foundation of their business is coercing low-income borrowers into taking out as many high-interest loans as possible to pay back previous ones. Director Kraninger has a lot to answer for today. For starters, how does the administration’s plan to make it easier for consumers to fall into endless cycles of payday loan debt benefit anyone other than Trump’s predatory lender donors? Consumers first? Spare us.”
Added Funk: “We hope Director Kraninger resists the urge to double down on the debunked falsehoods that the payday industry lobby is actually disappointed by this proposal to make them richer – the ‘three-run homer’as a top payday lawyer calls it — or the lie that the industry didn’t provide inputon the CFPB payday protection rollback plan before it was released. Here’s a sign the payday lender trade association is happy with their return on investment in Trump: they’re throwing a ritzy 4-day long party at his Miami golf resort next week.”
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