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Showing the Latest Payday Lending Results
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A Year Later, Trump CFPB Director Kraninger Has Proven as Useful to Greedy Industries as Mulvaney
A sobering new report marks CFPB Director Kraninger’s first full year on the job. Learn how she’s systematically sold out consumers to Trump’s industry donors, especially predatory lenders.
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FDIC Chair McWilliams Should Answer Why She Endorsed Rent-a-Bank Scheme
McWilliams advanced a proposal to allow predatory lenders to sidestep state interest rate caps by funneling loans through chartered banks — a scheme known as “Rent-a-Bank.”
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Payday Industry Lobbyist’s Close Relationship with Mulvaney Raises Questions of Improper Influence in CFPB’s Payday Rulemaking
CFPB Director Kathy Kraninger is called upon to publicly divulge the full extent of the influence Al Simpson, a top payday industry lobbyist and former chief-of-staff to then-Congressman Mick Mulvaney, has had over the Bureau’s payday rulemaking process.
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Trump CFPB Director Kathy Kraninger Just Voted to Let Predatory Lenders Violate State Interest Rate Caps
Kraninger, as a member of the FDIC Board, voted on Tuesday in favor of a proposal to allow predatory lenders to sidestep state interest rate caps by laundering loans through chartered banks — a scheme known as “Rent-a-Bank.”
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Caught On Tape: Payday Lenders Openly Brag That Their Contributions Lead to Regulation Rollbacks
Payday Execs Pressure Supporters to Donate More to Trump Campaign to Ensure a Final CFPB Rule That Perpetuates the Payday Debt Trap Washington D.C. — As reported by the Washington Post, a video obtained by consumer watchdog groups Allied Progress and Americans for Financial Reform shows payday industry executives bluntly discussing how campaign contributions to…
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Payday Lenders Host High-Dollar Trump Fundraiser Featuring VP Mike Pence, The Latest ‘Thank You’ to Trump for Gutting Payday Protections
Trump’s CFPB Has Already Saved the Payday Industry Over $900 Million By Pushing More Consumers into the Payday Debt Trap WASHINGTON, D.C. – Executives from payday lending companies Advance Financial and Cash Express are among the top sponsors for a mega-dollar fundraiser for the Trump reelection campaign in Nashville, TN today. Tickets are going for as much as $100,000 for…
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Consumers Would Have Saved Over $6B a Year Starting Today, Then Trump Happened
In payback to Trump’s predatory lending donors, the CFPB delayed a rule protecting vulnerable communities from the payday loan debt trap.
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In Wet Kiss to Trump’s Donors, CFPB Officially Ices Critical Protection from Predatory Payday Lenders
Washington D.C. (June 6, 2019)– In a blow to consumers, the Trump CFPB issued a final rule rewarding the payday industry with a 15 month delay from compliance with the ability-to-repay standard for the CFPB’s short term lending rule established in November 2017. This allows predatory payday lenders to continue approving high-interest loans – some…
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Payday Industry’s ‘Fake’ CFPB Comments Criticized at Congressional Hearing, Adds Pressure on Kathy Kraninger to Restore Integrity to Tainted Payday Rulemaking Process
Allied Progress’ public comment to the CFPB details thousands of suspiciously identical pro-payday ‘personal’ stories submitted.
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Tainted Process: CFPB Flooded with Thousands of Suspicious, Copycat Pro-Payday Loan Comments Backing Trump’s Proposal to Kill Protections From Predatory Industry Practices
Allied Progress examined public comments submitted concerning the Trump-CFPB’s effort to kill a key protection against the payday loan debt trap and found that more than 7,000 pro-payday comments used suspiciously duplicative language, amounting to over 27 percent of the total comments.