Swanky 4-Day Long Payday Party Comes Month After Trump Administration Proposed Gutting Consumer Protections Against the Payday Loan Debt Trap
DORAL, FL (March 20, 2019) — As the who’s who of the predatory lending industry engaged in their third day of schmoozing at the Trump National Doral Golf Club, consumer advocacy group Allied Progress sponsored a mobile billboard outside calling attention to the inappropriate and lucrative relationship between Trump world and payday loan sharks. The ritzy conference for members of the Community Financial Services Association of America (CFSA) is being hosted at a Trump Organization facility a little more than a month after the Trump administration proposed scrapping a critical protection against the payday loan debt trap, a move that the administration admits would pad the industry’s profits by more than $7 billion a year. The billboard encourages Florida consumers to visit www.PaydayParty.org and commit to submit a public comment against the Trump scheme to enrich his payday industry donors at the expense of the most vulnerable consumers. [PDF of ‘Payday Party’ Billboard Art; Download Picture Above]
In addition, Allied Progress is running paid digital ads promoting PaydayParty.orgon Facebook, Twitter, Google and LinkedIn that geo-target users near the Trump Doral resort and target users nationally who search for information or social media about the CFSA conference.
FOLLOW THE PAYDAY MONEY:1) The payday industry donated over $2.2 millionto Donald Trump’s inauguration and political committees and came out in early support of Trump’s unqualified nominee to head the Consumer Financial Protection Bureau, Kathy Kraninger; 2)As payback, in February, the Trump-Kraninger CFPBproposedtaking away a key consumer protection that says payday and car-title lenders have to consider a borrower’s ability-to-repay before making a loan. Without this check in the system, there’s nothing stopping shady payday lenders from approving high-interest loans in excess of 400 percent to consumers that they know will not be able to repay them in time. Trump’s plan would open floodgates for tens of thousands of Floridians – particularly in communities of color – to fall into cycles of debt where borrowers have no choice but to take out another excessively high interest loan to pay off old loans, over and over again.3)Payday lenders are now paying him back by throwing an extravagant 4-day long party at Trump’s resort. The more favors Trump and predatory lenders do for each other, the more consumers need to worry.
- Previously from Allied Progress: THE TRUMP-PAYDAY LENDER LOVEFEST GETS STEAMIER (02/12/2019)
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