The Trump-Payday Lender Lovefest Gets Steamier

The Payday Industry’s National Trade Group Set to Get Its Swank On at a Trump Resort — AGAIN — a Month After Trump Administration Proposes Laxer Payday Regulations  


WASHINGTON, D.C. – The reports that the Community Financial Services Association of America, the payday industry’s national trade group, are planning to host their annual conference at the Trump Doral resort in Miami a second year in a row is just the latest in a series of lucrative favors between Donald Trump and the industry that dumped over $2.2 million into his inaugural and political committees. The swanky “payday party” hosted at a Trump Organization facility will take place just weeks after the Trump administration gave payday lending companies an early Valentine’s Day present – the CFPB’s proposal to scrap the consumer protection requiring payday and car-title lenders to consider a borrower’s ability-to-repay before making a high-interest loan. This rule was set to go into effect this summer and would be important check in the system,stopping unscrupulous 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.

“After recent reports that some top payday lenders raked in over $200 million in profits last quarter, one can only imagine the kind of party they’re going to throw at Trump’s resort,”said Jeremy Funk, spokesman for Allied Progress. “Surely no expense will be spared after the Trump administration announced they’re ready to make them even richer by leaving millions of consumers vulnerable to the payday debt trap. While it’s remarkable how open Trump and the payday lenders are about their mutually beneficial relationship, it’s in true Trump style to wear his conflicts of interest on his sleeve. Why stop now? It’s just unfortunate this administration feels like it owes so much to an industry that makes most of its money pushing vulnerable consumers, including servicemembers, into a long-term, high-debt situation.”

WHAT YOU NEED TO KNOW:

Trump-Payday Industry Relationship Going Strong 

Next Month, The Community Financial Services Association Of America (CFSA), The Payday Industry’s Trade Group, Is Holding Its Annual Conference At Donald Trump’s National Doral Resort In Miami For The Second Year In A Row.

Next Month, CFSA Will Hold Its Annual Conference At Trump Doral In Miami For The Second Year In A Row—This Time Only About A Month About The Trump Administration’s Consumer Financial Protection Bureau (CFPB) Announced It Was Loosening Regulations For The Industry.

The Community Financial Services Association Of America (CFSA), The Payday Industry’s Trade Group, Will Hold Its 2019 Annual Conference At The Trump Doral In Miami “Roughly A Month After” CFPB Director Kathy Kraninger “Announced Plans To Get Rid Of Key Consumer Protections Governing Payday Lenders.” “The Donald Trump-appointed head of the Consumer Financial Protection Bureau on Thursday announced plans to get rid of key consumer protections governing payday lenders. It was a big win for the industry, which opponent decry as predatory. Roughly a month after that announcement the Community Financial Services Association of America, the trade group that represents the payday lending industry, will be partying at Trump Doral in Miami for its annual conference. It’s the second year in a row the group will be holding its conference at Trump’s Miami resort.” [Marc Caputo, Matt Dixon, and Isabel Dobrin, “Florida Playbook: Bloomberg’s Orlando, Miami swing — Payday party at Trump Doral — Dems post-Parkland gun push,” Politico,02/08/19]

  • The Conference Will Be Held March 18-21, 2019 And Will Discuss Topics Directly Related To CFPB Policy And Leadership. In its “Save the Date” for the conference, CFSA writes: “Are you up-to-date on the small dollar loan rule or the current legal and regulatory developments impacting the industry? Are you fully informed on the leadership at the Bureau? Are you connected? CFSA is plugged in on the issues of importance to you. The CFSA Annual Conference & Expo is the one place for you to get connected. Join us in Miami at the premier conference for the small-dollar lending industry to network with industry leaders and experts, and engage on topics that matter to you.” The conference will be held from March 18-21, 2019, at the Doral Miami. [“CFSA 2019 Annual Conference and Expo Registration Now Open,” Community Financial Services Association Of America, 09/17/18]

CFSA Held Its Annual Conference Last Year At Trump Doral In Miami, Where Exhibitors Included Equifax, Prepaid Card Company NetSpend, And Payday Lender Advantage ACH.

The Community Financial Services Association Of America (CFSA) Held Its 2018 Annual Conference At Trump National Doral In Miami, Florida. 

In April 2018, The Community Financial Services Association Of America, A Payday Lending Interest Group, Hosted Its Annual Conference At Trump National Doral In Miami, Florida. “The Community Financial Services Association of America, an interest group that represents the payday loan industry, is hosting its four-day annual conference in April 2018 at Donald Trump’s 90-hole golf resort 12 miles west of downtown Miami.” [Alex Daugherty, “Payday lenders, with major business before Trump, to hold conference at Trump Doral,”Miami Herald, 11/08/17]

Exhibitors At CFSA’s Conference Included Equifax, Prepaid Card Company NetSpend, And Payday Lender Advantage ACH. 

Equifax Was Listed As One Of The Exhibitors At CFSA’s 2018 Conference. [CFSA 2018 Annual Conference And Expo | Schedule,” Community Financial Services Associations Of America, 04/16/18]

  • Equifax Spent More Than $500,000 Lobbying On Credit-Reporting Regulations in 2017. “Equifax Inc. was lobbying lawmakers and federal agencies to ease up on regulation of credit-reporting companies in the months before its massive data breach. Equifax spent at least $500,000 on lobbying Congress and federal regulators in the first half of 2017, according to its congressional lobbying-disclosure reports.” [Michael Rapoport and AnnaMaria Andriotis, “Equifax Lobbied for Easier Regulation Before Data Breach,” The Wall Street Journal, 09/11/17]
  • In Early February 2018, It Was Reported That Mick Mulvaney Was Pulling The CFPB “Back From A Full-Scale Probe Of How Equifax Inc Failed To Protect The Personal Data Of Millions Of Consumers.” On February 5, 2018, Reuters reported that “Mick Mulvaney, head of the Consumer Financial Protection Bureau, has pulled back from a full-scale probe of how Equifax Inc failed to protect the personal data of millions of consumers, according to people familiar with the matter.” [Patrick Rucker, “Exclusive: U.S. consumer protection official puts Equifax probe on ice – sources,” Reuters, 02/05/18]
  • As Mulvaney Pulled Back From A Probe On Equifax, The CFPB Received Twice As Many Complaints About The Company After The Breach Was Revealed. “Since Equifaxannounced that a data breach had left the personal information of tens of millions of people exposed last September, the Consumer Financial Protection Bureau — the US government’s top consumer watchdog — has received more than 20,000 complaints about the company, which is about double the number it received in the six months before.” [Emily Stewart, “Consumers have filed thousands of complaints about the Equifax data breach. The government still hasn’t acted.,” Vox, 04/30/18] 

NetSpend Was Listed As One Of The Exhibitors. [CFSA 2018 Annual Conference And Expo | Schedule,” Community Financial Services Associations Of America, 04/16/18]

  • Netspend Was “Pushing” The CFPB To Hold Off On Its Prepaid Card Rule, And Its Parent Company Was Lobbying To Undo The Regulation. “Netspend and its parent company Total System Services have spent hundreds of thousands of dollars lobbying on prepaid card rules and other regulatory matters. The two companies are not backing down. Netspend is pushing the Consumer Financial Protection Bureau to delay its new rule, and on Capitol Hill, Total System Services is jumping into an effort, sponsored by Republican lawmakers, to tear up the new regulation.” [C. Ryan Barber, “How a Prepaid Card Company Emerged as a ‘Major Opponent’ to CFPB,” The National Law Journal, 04/18/17]
  • Netspend Stood To Benefit If The CFPB’s Prepaid Card Were To Be Rolled Back. “With Republicans dominating Congress, prepaid-card providers are gearing up for a possible reprieve from a rule meant to set industry limits on areas including overdraft fees. One company that stands to benefit: Netspend, the only major prepaid-card provider that allows cardholders to incur such penalties.” [AnnaMaria Andriotis, “Prepaid-Card Companies May Get Reprieve on CFPB Rule,” The Wall Street Journal, 02/07/17]
  • “The fees, similar to those incurred on debit-card purchases that exceed the amount in a consumer’s checking account, were poised to be crimped following new federal protections completed late last year by the Consumer Financial Protection Bureau.” [AnnaMaria Andriotis, “Prepaid-Card Companies May Get Reprieve on CFPB Rule,” The Wall Street Journal, 02/07/17] 

Advantage ACHWas Listed As One Of The Exhibitors. [CFSA 2018 Annual Conference And Expo | Schedule,” Community Financial Services Associations Of America, 04/16/18] 

  • Advantage ACH Has Posted A Link To An Article Titled, “CFPB Puts Squeeze on Private Payday Lenders” On Its Website. [“Press Room,” Advantage ACH, accessed 01/11/19]
  • The Article Argued That CFPB Payday Regulations “Will Harm Private Firms And Their Customers.” The article, published by the Heritage Foundation, argued, “[t]he Dodd–Frank Act authorized the CFPB to impose federal regulations on the short-term lending industry, and the agency is developing rules that will harm private firms and their customers.” [Norbert J. Michel, PhD, “Dodd–Frank and the Consumer Financial Protection Bureau Put Squeeze on Private Payday Lenders,” The Heritage Foundation, 11/04/15]

Payday Lenders Contributed Over $2.2 Million To Donald Trump’s Inauguration And Political Committees. 

Payday Industry Donors Contributed Over $1.2 Million To Donald Trump’s Inauguration 

Roderick Aycox Of Select Management Resources Contributed $1 Million To Donald Trump’s 2017 Inauguration. [“Trump 2017 Inauguration Donors,” Center for Responsive Politics, accessed 12/03/17]

Advance America Cash Advance Centers Contributed $250,000 To Donald Trump’s 2017 Inauguration. [“Trump 2017 Inauguration Donors,” Center for Responsive Politics, accessed 12/03/17] 

Checks Into Cash, Inc. Contributed At Least $25,000 To Donald Trump’s 2017 Inauguration. [“Trump 2017 Inauguration Donors,” Center for Responsive Politics, accessed 12/03/17] 

Payday Industry Donors Contributed Over $1 Million To Donald Trump’s Political Committees 

Michael Hodges, Chairman Of Harpeth Financial, Contributed At Least $193,100 To Trump’s Presidential Committees.

  • In 2017, Michael Hodges, chairman of Harpeth Financial, contributed at least $35,000 to the Trump Victory committee, a joint fundraising committee. [FEC Search for Trump Victory, 2017, accessed 11/13/17]
  • In 2016, Michael Hodges, chairman of Harpeth Financial, contributed at least $150,000 to the Trump Victory committee, a joint fundraising committee. [FEC Search for Trump Victory, 2016, accessed 11/13/17]
  • In 2017, Michael Hodges, chairman of Harpeth Financial, contributed at least $5,400 to Donald J. Trump for President committee. [FEC Search for Donald J. Trump for President, 2017-2018, accessed 11/13/17]
  • In 2016, Michael Hodges, chairman of Harpeth Financial, contributed at least $2,700 to Donald J. Trump for President committee. [FEC Search for Donald J. Trump for President, 2016, accessed 11/13/17]

Roderick Aycox, CEO Of Select Management Resources, And His Wife Contributed At Least $702,000 To Trump’s Presidential Committees.

  • In 2016, Roderick Aycox, CEO of Select Management Resources, contributed at least $350,000 to Trump Victory Committee, a joint fundraising committee. [Search forTrump Victory, 2016, Federal Election Commission, accessed 11/13/17]
  • In 2016, Leslie Vail Aycox contributed at least $350,000 to Trump Victory Committee, a joint fundraising committee. [Trump Victory Schedule A, Federal Election Commission, 10/28/18]
  • In 2016, Roderick Aycox, CEO of Select Management Resources, contributed at least $2,700 to Donald J. Trump for President committee. [Search for Donald J. Trump for President, 2016, Federal Election Commission, accessed 11/13/17]

Executives Of Jones Management Group Contributed At Least $86,700 To Trump’s Presidential Committees.

  • In 2016, Allan Jones, CEO of Jones Management Group, contributed at least $5,400 to Donald J. Trump for President committee. [Search for Donald J. Trump for President, 2016, Federal Election Commission, accessed 11/13/17]
  • In 2016, Allan Jones, CEO of Jones Management Group, contributed at least $80,400 to Trump victory committee, a joint fundraising committee. [Search for Trump Victory, 2016, Federal Election Commission, accessed 11/13/17]
  • In 2016, William Jones, VP of Jones Management Group, contributed at least $400 to Donald J. Trump for President committee. [Search for Donald J. Trump for President, 2016, Federal Election Commission, accessed 11/13/17]
  • In 2016, William Jones, VP of Jones Management Group, contributed at least $500 to Trump Make America Great Again Committee, a joint fundraising committee. [F Search for Trump Make America Great Again Committee, 2016, Federal Election Commission, accessed 11/13/17]

Ian Mackechnie, An Executive For Amscot Financial, Contributed At Least $2,700 To Donald J. Trump For President Committee.[FEC Search for Donald J. Trump for President, 2016, Federal Election Commission, accessed 11/13/17]

Robert Zeitler, CEO Of PH Financial Services, Contributed At Least $1,860 To Trump’s Presidential Committees.

  • Robert Zeitler, CEO of PH Financial Services, contributed at least $900 to Trump Make America Great Again Committee, a joint fundraising committee. [Search for Trump Make America Great Again Committee, 2016, Federal Election Commission, accessed 11/13/17]

Eves Greyson, An Accountant For Community Choice Financial, Contributed At Least $450 To Trump Presidential Committees.

  • Eves Greyson, an accountant for Community Choice Financial, contributed at least $200 to Donald J. Trump for President committee. [Search for Donald J. Trump for President, 2016, Federal Election Commission, accessed 10/29/18]
  • Eves Greyson, an accountant for Community Choice Financial, contributed at least $250 to Trump Make America Great Again Committee, a joint fundraising committee. [Search for Trump Make America Great Again Committee, 2016, Federal Election Commission, accessed 10/29/18] 

NCP Finance Ohio Contributed At Least $25,000 To Great America PAC, A Pro-Trump PAC.[Search for Great America PAC, 2016, Federal Election Commission, accessed 11/13/17]

# # #

Close

Join The Fight!

We need your help to hold powerful special interests accountable and empower hardworking Americans. Join our fight today!