Trump And Lawmakers Got Cash From Payday Lenders, Then Weakened Lending Rules
Source: IBT
Less than two months after President Donald Trump tapped his budget director to run the independent federal agency tasked with protecting U.S. consumers from harmful and predatory financial practices, the agency has moved to undo a rule intended to prevent payday lenders from preying on low-income Americans. The reversal — which follows recent congressional proposals with the same objective — is a major win for the $40 billion payday lending industry, which has recently started delivering big money to Trump and to congressional critics of the Consumer Financial Protection Bureau (CFPB).
The payday lending and title loan industry has been battling the CFPB since Congress created the bureau in 2010 — and the fight has intensified since the bureau started crafting rules to regulate short-term lending in 2015. Since then, payday lenders have given $1.5 million to congressional lawmakers and another $300,000 to the Republican National Committee and the National Republican Congressional Committee. The industry also spent another $6.2 million on politics at the state level to combat regulation over the same time period, according to the National Institute on Money in State Politics. (A patchwork system of state-based laws currently governs the industry; a handful of states ban payday loans entirely.)
The industry’s shrewdest investment may have been the money it delivered to Trump after he won the 2016 election. While payday lenders weren’t lining up to support Trump during the presidential election, in January after Trump’s win, Advance America, the nation’s biggest payday lender, donated $250,000 to Trump’s inauguration. Title loan magnate Rod Aycox and his wife each donated $500,000 for the event; payday lender Checks into Cash chipped in another $25,000. In November, the Community Financial Services Association of America, the industry’s trade group, announced its annual conference and expo would be held at the Trump National Doral resort in Miami.
As that money flowed to Trump and his business empire, the Trump administration has made moves to help the industry — in particular, it took decisive action to undermine the CFPB’s previous efforts to regulate lenders.
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Read more: http://www.ibtimes.com/political-capital/trump-lawmakers-got-cash-payday-lenders-then-weakened-lending-rules-2642460
= new reply since forum marked as read
money and the Russians could buy. I'll bet the payday people (and the Russians) think they're going to get a solid 8 year return on their investments. 
SUCKERS!
I feel sorry for the people who will get sucked in by these predators in the meantime though.
