Submit a public comment to the Consumer Financial Protection Bureau:
"Preserve and protect strong rules on payday lenders, including standards for ensuring recipients can repay loans. Anything less is a giveaway to an exploitative industry that preys on hard-working Americans."
Add your name:
| |
One of the textbook examples is Trump University, his sham educational center that a judge forced to pay students $25 million in damages for making fraudulent promises.2 In Washington, just look at the Trump Tax Scam – Trump claimed to drain the swamp, but he then drained working people's pocket books and gave massive handouts to the rich.Donald Trump spent most of last month's State of the Union address lying about his record. That's no surprise. He's been lying about his plans for years. In fact, that's how he stayed in business: making grandiose promises to get people to believe in him before they realize it's a scam or outright fraud.1
Nowhere in the State of the Union did this fraud populist admit to the American people that he just handed a massive giveaway to predatory lenders that trap people in debt.3 Now, it is up to us to resist his gift to payday lenders and expose Trump's false populism.
The dirty secret of the payday lending industry is that there is no money in people repaying their loans on time. The key to the whole profit-making engine, the one that makes lenders’ Wall Street backers rich, is tricking people into taking out a loan and then locking them into months or years of debt. Charging hidden fees and demanding sky-high interest rates, payday lenders are little more than legal loan sharks.
Now Trump wants to make it easier for payday lenders to exploit people. His handpicked leaders of the Consumer Financial Protection Bureau – first now-acting Chief of Staff Mick Mulvaney and then Kathy Kraninger – have set out to destroy the watchdog Sen. Elizabeth Warren initially proposed.4
Kraninger just announced the CFPB would rescind the most important part of an Obama-era rule on payday lenders: the part that would force lenders to confirm if someone has the ability to repay a loan, instead of deliberately trapping them deeper in debt to make money off the interest.5
Once again, Trump is siding with powerful Wall Street financial interests and pushing a change that will disproportionately hurt low-income Americans and people of color. We have fewer than 90 days to flood the CFPB with comments opposing the giveaway to predatory lenders and exposing the latest Trump scam, so we need your help.
Stop scam artist Donald Trump from rewarding predatory lenders. Click below to submit a public comment:
- Josh Nelson, CREDO Action
Add your name:
References:
|
No comments:
Post a Comment