Payday Loan Reform News – July 2



AG Joins Effort To Fight Legislation Terminating States’ Ability To Prevent Abusive Lending Practices
June 28, Los Alamos Daily Post
The coalition of 20 AG’s sent a letter to leadership in the U.S. Senate expressing their opposition to the proposed legislation, which would invalidate the States’ ability to limit interest rates on payday and other high interest loans, and undermine the State’s ability to enforce consumer protection laws.
More Coverage:
Leave payday loan regulations to states, attorneys general say | The Daily Sentinel
State Attorneys general rightly urge defeat of congressional bills that would preempt state consumer protections | CUInsight


More News

‘A way of monetizing poor people’: How private equity firms make money offering loans to cash-strapped Americans
July 1, The Washington Post
Mass-mailing checks to strangers might seem like risky business, but Mariner Finance occupies a fertile niche in the U.S. economy. The company enables some of the nation’s wealthiest investors and investment funds to make money offering high-interest loans to cash-strapped Americans.


Mick Mulvaney turned the CFPB from a forceful consumer watchdog into a do-nothing government cog
June 29, The Conversation
Until last Thanksgiving, the Consumer Financial Protection Bureau was known for forcefully pursuing its core mission, returning nearly US$12 billion to about 30 million consumers who had been taken advantage of by financial institutions. But since then, the bureau has been known for … well, not much.
REPOSTS: WTOP, The San Antonio Express News,


Ralph Nader: Mugger Mick Mulvaney, Trump’s Sadist-In-Chief
June 28, Eurasia Review
Mr. Mulvaney’s title seems uninterestingly bureaucratic—director of the Office of Management and Budget (OMB). But as Trump’s chief hatchet man extraordinaire, Mugger Mick Mulvaney is easily one of the cruelest, most vicious presidential henchman in modern American history.
REPOST: Common Dreams


Mulvaney-led U.S. CFPB slashes payday lender penalty: sources
June 28, Reuters
Mick Mulvaney, head of the U.S. Consumer Financial Protection Bureau, cut in half a fine that his Obama-era predecessor sought against a payday lender and dropped some of the agency’s earlier claims in the case, three people familiar the matter told Reuters.
More Coverage:
Mulvaney Reduces Penalty On Payday Lender Security Finance |


District Court Denies Stay of Compliance Date for the CFPB’s Payday Lending Rule
June 27, JDSURPA
The District Court for the Western District of Texas recently denied the CFPB’s attempt to stay the compliance date of the Payday Lending Rule, which was drafted under former director Richard Corday.


Stop investing in consumer rip-offs
June 27, Bucks County Courier Times
With consumer protections constantly under attack in Washington, D.C., it’s critical that state and local officials here in Pennsylvania do everything in their power to defend and promote much-needed consumer safeguards.


American Indian tribes used by convicted payday lender Scott Tucker settle with feds
June 26, The Kansas City Star
The fallout from Scott Tucker’s illegal payday loan business continued on Tuesday with two American Indian tribes that Tucker used as cover to skirt state usury laws reaching settlement agreements with federal prosecutors.
Manhattan U.S. Attorney Announces Settlements with two Native American Tribes Involved in Scott Tucker’s Payday Lending Scheme | St. Louis News
Tribes, feds settle case related to Tucker’s payday lending | Kansas City Business Journal
Modoc Tribe settles with Feds over payday probe | Kansas City Star