For Immediate Release
April 18, 2018
Contact: Monica Garcia | email@example.com | 312-860-8860
Latino Victory, Progressive Groups Protest Payday Lender Conference at Trump Resort
Organizations say conference location is no coincidence after Mulvaney drops lawsuit and delays rules that would rein in predatory lending
Miami, Fl – Latino Victory Project, New Florida Majority, and the Florida Immigrant Coalition today protested predatory payday lenders outside Trump National Doral Miami, where the industry is holding its annual conference. Event organizers sought to shine a light on the pay-to-play politics that enable payday lenders to continue fleecing Florida families, including the glaring conflict of interest posed by predatory lenders holding their conference at a Trump Hotel.
Today’s demonstration is part of the “Stop Payday Predators” effort to demand reform of the payday lending industry. It comes after the State of Florida passed major concessions benefitting the payday lending industry. Earlier this year, the Consumer Financial Protection Bureau dropped a lawsuit against payday lenders and announced it would delay the implementation of rules crafted by the previous Administration to rein in predatory lending.
“It is no coincidence that the payday lender conference is happening at a Trump hotel. A year ago, the industry association booked the hotel, and months later, Trump names Mulvaney as head of CFPB and Mulvaney later drops a lawsuit against payday lenders,” said Latino Victory Political Director Mayra Macias.“While the payday lenders are enjoying a round of golf, families are getting further into debt with these high interest rates.”
“Payday lenders have victimized marginalized communities for decades. The fact that Donald Trump and Rick Scott have granted them more power through their policies shows their clear disdain for working families,” said former Florida State Senator Dwight Bullard, who now serves as Political Director of New Florida Majority.
“The payday lending industry doesn’t target people who can pay their loans back on time. They depend on those who can’t,” said Juan Cuba, Chair of the Miami-Dade Democratic Party. “Shame on our Governor and legislators like Manny Diaz Jr. who just passed new legislation to double their loan amounts, quadruple their fees, and allow 200% annual interest. They sold out our communities in return for campaign cash.”
“The fact that this conference is happening at this property is a blatant slap in the face to citizens, and it’s adding insult to injury to the many folks who have been conned by payday lenders. Shame on the industry and shame on the White House for protecting them,” said Thomas Kennedy, Deputy Political Director for Florida Immigrant Coalition.
“I started with $100 loan, and eight years later, I’m paying $550 a month. While these corporations get an increase, I’m trying to get by on my social security. When will we get an increase in social security? We will not forget this in November,” said Maria Dichter, a payday loan borrower.
A photo from today’s protest can be found here.
WHO: Mayra Macias, Political Director, Latino Victory Project
Tomas Kennedy, Deputy Political Director, Florida Immigrant Coalition
Juan Cuba, Chair, Miami-Dade Democratic Party
Maria Dichter, Payday Loan Borrower