Black & Blackburn: Loan Shark Defenders

U.S. Representatives Diane Black and Marsha Blackburn today voted for a bill that could override existing state laws that protect consumers from high-interest, short-term loans. Both are seeking statewide office in Tennessee in 2018. More specifically, the U.S. House of Representatives today approved HR 3299 by a vote of 245 to 171. This bill could […]

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Interest Rates Higher than 390%? Kustoff Says YES!

February 13, 2018 by  
Filed under Issues, Payday Lending, Recent Blog Posts

Apparent friend of legalized loan sharks Rep. David Kustoff of Tennessee’s 8th Congressional District apparently thinks payday predator interest rates of 390% aren’t high enough. Kustoff voted for H.R. 3299 in the House Financial Services Committee. This legislation would allow out-of-state and online lenders to “Rent-a-bank” and circumvent Tennessee’s caps on interest rates. That could […]

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Use Your Voice to Stop Payday Predators

February 8, 2018 by  
Filed under Issues, Payday Lending, Recent Blog Posts

TAKE ACTION: The House of Representatives is poised to open a huge loophole in state interest rate caps and the right of state voters to enact rate caps, effectively giving the green light to payday lenders to charge debt trap interest rates to low-income consumers without having to abide by state laws.   HR 3299 […]

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The Payday Predator’s Pal

February 6, 2018 by  
Filed under Issues, Payday Lending, Recent Blog Posts

It’s Trump-appointed acting CFPB director Mick Mulvaney. From John Miller in the Kansas City Star: You’d think President Donald Trump’s White House budget director Mick Mulvaney would have his hands full. After all, he was in charge of the recent government shutdown, which he called “kind of cool.” In his spare time, however, Mulvaney is also running […]

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Sharks Swim Free at Trump Golf Course

February 5, 2018 by  
Filed under Issues, Payday Lending, Recent Blog Posts

Alan Rappeport of the New York Times describes how the Trump Administration has befriended legalized loan sharks: In mid-April, hundreds of members of the payday lending industry will head to Florida for their annual retreat featuring golf and networking at a plush resort just outside Miami. The resort just happens to be the Trump National Doral […]

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Trump Administration Sides with Loan Sharks

The Nation reports: January 16 was supposed to be the day of reckoning for a notorious predatory-lending industry, when a rule from the Obama administration’s consumer-watchdog agency would finally start to curb a business that’s fleecing the poor. But the day the new regulation was set to kick in, the Trump White House’s newly appointed […]

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Mulvaney’s Bad Move

A Bloomberg editorial notes the damage being done by Mick Mulvaney at the CFPB: The acting director of the Consumer Financial Protection Bureau, Mick Mulvaney, appears to have identified one of the first services he will free from what he has called “a bureaucracy that has gone wrong” — payday lenders. That’s too bad, because […]

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Another Bad Move by Mulvaney

As we noted yesterday, acting CFPB Director Mick Mulvaney sided with predators over Tennessee consumers in a long-running investigation of high-cost lender World Acceptance Corporation. Here’s a statement from the Stop the Debt Trap Coalition, of which Tennessee Citizen Action is a member: For the second time in a week, Mick Mulvaney, the acting director […]

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Mulvaney Picks Predators Over People

World Acceptance Corporation, a high-cost installment lender doing business in Tennessee among other states, learned today that the Consumer Financial Protection Bureau (CFPB) is dropping an investigation into the company’s business practices. The announcement comes as Mick Mulvaney, a favorite of the payday lending industry, continues his role as “acting director” of the CFPB. More […]

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Mulvaney Cozies Up to Loan Sharks, Faces Hurdles

Even as acting (and unlawfully appointed) CFPB Director Mick Mulvaney works to strengthen his relationship with predatory payday loan sharks, legal experts say significant obstacles may stand in his way. That’s surely welcome news to consumers. More from American Banker: The Consumer Financial Protection Bureau faces significant obstacles in reopening the payday lending rule, including […]

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