More protection for the little guy... what a surprise!
The Trump administration has stripped enforcement powers away from Consumer Financial Protection Bureau office that specializes in pursuing cases against financial firms for breaking discrimination laws, according to two people familiar with the matter and emails reviewed by The Washington Post.
Beyond moving the Office of Fair Lending, Mulvaney has also dropped lawsuits against payday lenders and said the agency would reconsider aggressive rules the industry complained would cripple it.Link to article (via the SF Chronicle)
Link to article (via the Washington Post)
Comments
Regards,
Ted
What on earth does a "liberal" or "conservative" label have to do with it?
Do you really believe that payday lenders don't have a long track record of screwing over the unwary and the uneducated?
Do you really believe that this is perfectly fine and that there should be no protections for those people?
If you do really believe those two propositions, then what the hell do you use for morality?
Or are you just trying to get a rise out of some of us?
1. I didn't bring up the subject, and as you know I apposed bringing political subjects to the board. You know the old saying, never discuss religion or politics.
2. Although, unpleasant pay day loans have been around long before the Tuump administration arrived. Where were you then Old_Joe ?
3. For many they provide the only available method of securing a loan even with the very high interest rates.
Regards,
Ted
Sums up Ted's morality in a nutshell.
@Ted: "Then": I was there when the prior administration did it's best to at least put a few restrictions on how badly the loan sharks can screw over their victims, Ted. Where were you?
If Mulvaney is changing the rules from sweeping and ambiguous and you don’t like the idea of a powerful, unaccountable agency with unrestrained regulatory powers, then dear liberals – stop creating them.
---Archbishop Desmond Tutu.
Ya, what he said.
Surely the relative proportion of payday loan customers who are military ( and proportion of Military that use them) is available online, as is the average PFC's pay.
What most interests me is the effect of many of the "anti-little guy" ( like this one) and "anti-farm belt" (crush NAFTA's agricultural trade with Mexico for example) Trump policies could have on the midterm elections.
Seeing as all of my female in-laws voted for Trump ( including the young women) I assume that either they found Hilary more odious or really don't car about sexual harassment. Based of the multiple resignations in Congress, apparently the general public is reacting differently.
Anybody think that without Trump in the races this fall it these other issues will be more important?
https://www.npr.org/sections/thesalt/2017/04/19/524563155/when-active-duty-service-members-struggle-to-feed-their-families
https://www.military.com/daily-news/2017/05/24/proposed-food-stamp-cuts-would-hit-military-families.html
These were funds sold with huge (50%) first year front end loads under a fixed monthly investment contract. So if one kept going for 10 years, that load would amount to 5% of one's total investment. Of course, being up front, the actual cost to the owner was much greater.
FINRA Investor Alert: "While the majority of these plans are sold to military personnel, they are also sold to civilians. These plans come with high upfront costs and are expensive if the full term of payment is not completed."
These were so outrageous that they were outlawed a decade ago for sale to anyone, civilian or military, by the Military Personnel Financial Services Protection Act
A couple of examples of actions that NASD (now FINRA) and the SEC belatedly took against the scammers, leading up to this law. CFPB was designed specifically to address scams like these:
Fidelity Fined for Misleading Troops (Military.com)
First Command to Pay $12 Million to Settle SEC and NASD Charges Involving Misleading Sales of Investments to Members of the Military (SEC)
freeeeeeeeeedom!
Good grief. Ted, I've known you longer than anyone on this board. Who's trolling under your username?
That said, please keep in mind about the current administration and their political moves . . . anything that was done by fiat under the Obama admin is expected to not only be reversed, but have the dial pushed in the other direction as far as LAW allows. This is the nature of the beast, grasshoppers. If you want something to last, have it legislated. If you want it to really last, make it an amendment. Otherwise, bother me when the market goes down by the sign of the Donald.
and so it goes,
peace,
rono
https://www.nytimes.com/2018/02/02/us/politics/payday-lenders-lobbying-regulations.html