68,000 Reasons Debbie Wasserman Schultz Sided With Payday Lenders Over Florida Families
SHOT: Rep. Debbie Wasserman Schultz Is Cosponsoring Legislation to Gut Forthcoming Payday Loan Regulations From the CFPB
Debbie Wasserman Schultz Is Co-sponsoring Legislation “That Would Gut the CFPB’s Forthcoming Payday Loan Regulations” and She’s “Attempting to Gin up Support for the Legislation on Capitol Hill.”
“Wasserman Schultz is co-sponsoring a new bill that would gut the CFPB’s forthcoming payday loan regulations. She’s also attempting to gin up Democratic support for the legislation on Capitol Hill, according to a memo obtained by The Huffington Post.” [Huffington Post: “DNC Chair Joins GOP Attack On Elizabeth Warren’s Agency,” 3/1/16]
The Legislation Co-sponsored by Wasserman Schultz “Would Delay the CFPB’s Rules by Two Years, and Nullify Its Rules in Any State With a Payday Lending Law Like the One Adopted in Florida.”
“The misleadingly titled Consumer Protection and Choice Act would delay the CFPB’s payday lending rules by two years, and nullify its rules in any state with a payday lending law like the one adopted in Florida. The memo being passed around by Wasserman Schultz staffers describes the Florida state law as a “model” for consumer laws on payday loans, and says the CFPB should “adjust their payday lending rules to take into account actions Florida has already taken.” [Huffington Post: “DNC Chair Joins GOP Attack On Elizabeth Warren’s Agency,” 3/1/16]
Payday Loans in Florida Have an Average Apr of 304%, and a Typical Florida Payday Loan Customer Takes Out Nine Payday Loans a Year.
“Data compiled by the nonpartisan Pew Charitable Trusts is similarly dismal. A typical Florida payday loan customer ends up taking out nine payday loans a year and is stuck in debt for nearly half of that year, according to Pew. The average interest rate on Florida’s payday loans is 304 percent — only slightly better than the 390 percent annual average. Critically, the average payday loan amount of $389 is equal to 35 percent of average paychecks in the state — in line with national figures.” [Huffington Post: “DNC Chair Joins GOP Attack On Elizabeth Warren’s Agency,” 3/1/16]
CHASER: Debbie Wasserman Schultz Has Taken Over $68,000 in Contributions From Payday Lenders
- Debbie Wasserman Schultz Has Taken $5,100 From Payday Lenders So Far in The 2016 Cycle. [FEC Records, Accessed 3/2/16]
- Debbie Wasserman Schultz Took $5,000 From Payday Lenders in 2014 Cycle. [Center for Responsive Politics, 2014]
- Debbie Wasserman Schultz Took $12,500 From Payday Lenders in 2012 Cycle. [Center for Responsive Politics, 2012]
- Debbie Wasserman Schultz Took $28,000 From Payday Lenders in 2010 Cycle. [Center for Responsive Politics, 2010]
- Debbie Wasserman Schultz Took $10,000 From Payday Lenders in 2008 Cycle. [Center for Responsive Politics, 2008]
- Debbie Wasserman Schultz Took $7,500 From Payday Lenders in 2006 Cycle. [Center for Responsive Politics, 2006]