Tag Archives: payday lenders

As Pandemic Rages, Trump CFPB Plows Ahead With Rules ‘Empowering Predatory Lenders to Rip Off Vulnerable Consumers’

“CFPB is continuing a deregulatory, anti-transparency, anti-accountability, anti-consumer protection rulemaking agenda, even in the face of Covid-19.”

By Jake Johnson, staff writer for Common Dreams. Published 4-17-2020

Consumer Financial Protection Bureau director Kathy Kraninger testifies during a confirmation hearing before the Senate Committee on Banking, Housing, and Urban Affairs. Photo: C-SPAN screenshot

Amid an unprecedented economic crisis driven by the novel coronavirus pandemic, the Consumer Financial Protection Bureau is reportedly pushing ahead with a series of rule changes that watchdog groups say would reward predatory lenders and leave vulnerable people more susceptible to industry abuses at the worst possible time.

The American Banker reported this week that the CFPB—headed by Kathy Kraninger, an appointee of President Donald Trump—is “moving forward with its payday lending and ‘qualified mortgage’ rules despite logistical issues and the industry’s focus on economic effects from the coronavirus pandemic.” Continue reading

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Siding With ‘Loan Sharks’ Over Consumers, Trump CFPB Moves to Gut Payday Lender Regulations

“This administration has moved the CFPB away from protecting consumers to protecting the very companies abusing them.”

By Jake Johnson, staff writer for Common Dreams. Published 2-6-2019

Consumer Financial Protection Bureau director Kathy Kraninger testifies during a confirmation hearing before the Senate Committee on Banking, Housing, and Urban Affairs. Photo: C-SPAN screenshot

In what progressive lawmakers and advocacy groups decried as the Trump administration’s latest “shameful” attack on vulnerable families, the Consumer Financial Protection Bureau (CFPB) unveiled a plan on Wednesday that would gut regulations protecting consumers from predatory payday lenders.

Vanita Gupta, president and CEO of the Leadership Conference on Civil and Human Rights, denounced the CFPB’s plan as “a slap in the face to consumers—especially people of color—who have been victims of predatory business practices and abusive lenders.” Continue reading

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