Payday Loan Reform News – June 5



Consumer Advocates Ask Judge: Reject CFPB’s Request for Payday Loan Rule Delay
June 5, Credit Union Times
Four consumer groups are asking a federal judge to deny a request by the CFPB and a payday lending group to place a strict short-term loan rule on hold.


Other News


Assembly Speaker Robin Vos’s Payday Loan London Junket Travel Buddy’s Home Raided By FBI
June 4, One Wisconsin Now
Former Speaker of the Ohio House of Representatives Cliff Rosenberger is under increasing scrutiny by the Federal Bureau of Investigation, with media reports that his home and other properties were raided. Comments from a lobbyist source about what happened on a London trip for Rosenberger and Wisconsin Assembly Speaker Robin Vos, under scrutiny by the FBI and funded by payday loan operators, are also casting doubts on Vos’s statements that no legislative business was discussed.


Beware of predatory lenders in Appalachia
June 1, The Pike County News Watchman
Payday loans exploit the working poor and the desperate. But, at least the modern-day loan sharks don’t break kneecaps.


Mulvaney’s CFPB joins with payday lenders in seeking delay of CFPB payday rule
June 1, CUInsight
Today, the Consumer Financial Protection Bureau (CFPB), which is unlawfully led by “Acting Director” Mick Mulvaney, joined the leading payday lenders’ association in filing a joint motion to delay the compliance date for the CFPB’s rule on payday loans until 445 days from the final judgement of litigation challenging the rule.


Trump is enabling a predatory economy. Here’s how he’s doing it.
May 29, The Washington Post
This is just the latest evidence that the Trump administration is enabling a turbo-charged predatory economy. Despite the fact that Donald Trump campaigned on a promise to drain the swamp, Trump appointees are distinguishing themselves by prioritizing big business over our personal finances at almost every opportunity.
REPOST: The Edinburg Review


Md.’s gubernatorial candidates largely silent on consumer protection policies
May 29, The Baltimore Sun
CFPB Director Mick Mulvaney closed the Office of Students and Young Consumers, halted all new investigations, dropped cases against payday lenders, and has failed to impose a single fine or penalty on wrongdoers.


Mick Mulvaney won’t rest until he’s exorcised Elizabeth Warren from the CFPB
May 25, Vanity Fair
When Mick Mulvaney took over as acting chief of the Consumer Financial Protection Bureau last November, his objective was pretty clear: to bury the agency in a shallow grave.


Mick Mulvaney Is Having a Blast Running the Agency He Detests
May 25, Bloomberg
Six months into his tenure, Mulvaney is doing everything he can to transform the CFPB from a regulatory crown jewel of liberals into one that he says follows the law, at least according to his interpretation.


Mia Love stands against the interests of consumers
May 24, The Salt Lake Tribune
As Love has made her words and votes clear when it comes to bills like HR 10, her election in November of this year becomes all the more important. The crash of 2008 still looms fresh in the minds of Utah residents and proper financial protections are necessary to ensure the next bubble doesn’t threaten the economic security of the the entire state.


The Consumer Financial Protection Bureau, leaving the public high and dry
May 24, New York Daily News
One consequence of the 2016 elections is that a golden age of consumer protection has come to an end. Consumers now have a watchdog that nitpicks a statute to do as little as possible to protect them — and interprets the law to protect banks rather than consumers. Consumer protection will be on the ballot again this year. Perhaps this time, voters will pay attention.


How Trump is putting the squeeze on American workers
May 23, The Week
The Consumer Financial Protection Bureau, whose mandate is to protect consumers from rapacious banks and payday lenders, is being systematically dismantled by its new director Mick Mulvaney, a longtime opponent of the agency’s very existence. Congress just passed a bill rolling back a CFPB rule that kept auto dealers from charging higher interest rates to minority customers. President Trump happily signed it.


U.S. Banks Urged to Make Small Loans In Competition With Payday Lenders
May 23, The Street
The move by President Donald Trump’s administration was hailed by consumer advocates as a way of helping cash-strapped borrowers who otherwise might have to turn to higher-cost, nonbank lenders.


Real Corruption: Mick “Pay and We’ll Talk” Mulvaney
May 22, Common Dreams
Mulvaney is not just a play-for-pay servant of the banker class, although he is clearly that. He is an economic extremist whose ideology demands that the poor and middle class be sacrificed on the altar of wealth.


Rep. Stivers Took Thousands from Payday Lenders Within Days of Taking Actions to Help Industry
May 19, The Sunbury News
Representative Steve Stivers (R-OH) and fifteen other U.S. Senators and Representatives took thousands of dollars in campaign contributions from payday lenders within days of taking official actions to benefit the industry.


Tougher payday loan rules issued by consumer protection bureau to remain in place … for now
May 17, Los Angeles Times
New, tough nationwide regulations on payday and other short-term loans, finalized by an Obama-era appointee who led the Consumer Financial Protection Bureau, will remain on the books at least temporarily. Shortly after becoming the consumer bureau’s acting director, Mulvaney had expressed support for a congressional effort to repeal the rules. But that effort never gained momentum.
REPOST: Daily Journal of Commerce, Erie Times News
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