Drudge Retort: The Other Side of the News
Monday, February 05, 2018

In mid-April, hundreds of members of the payday lending industry will head to Florida for their annual retreat featuring golf and networking at a plush resort just outside Miami. The resort just happens to be the Trump National Doral Golf Club. It will cap a year in which the industry has gone from villain to victor, the result of a concentrated lobbying campaign that has culminated in the Trump administration's loosening regulatory grip on payday lenders and a far friendlier approach by the industry's nemesis, the Consumer Financial Protection Bureau.




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According to the Center for Responsive Politics, payday lenders have contributed more than $13 million to members of Congress since 2010, with the majority of that money going to Republicans who have made it a priority to roll back the financial regulations put in place by President Barack Obama after the financial crisis. That includes [Trump's budget director and former SC GOP congressman Rick Mulvamey] who received nearly $63,000 for his campaigns from payday lending groups.


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The lowest of the low, scummiest of the scum. These are the people Trump admires and supports. These are the scumbags Trump voters want to help. Any of y'all remember Household Finance Corporation? They made small loans, charged a MAXIMUM of 18% interest annually, seemed quite high back in the day but in hindsight they were decent people who people without wealth could turn to for financing of cars, etc. The interest they charged was very fair compared to what the pay day lending thieves charge today.

#1 | Posted by danni at 2018-02-05 08:32 AM | Reply | Newsworthy 1

They are really just legalized loan sharks today.

#2 | Posted by danni at 2018-02-05 08:32 AM | Reply | Newsworthy 2

The lowest of the low,

Close, but not quite.

That title belongs to Western Sky.


"Western Sky's "loan products"
Unlike most high-interest lenders, such as payday and title lenders (more on them later), Western Sky was based inside the borders of the Cheyenne River Indian Reservation and was not subject to U.S. laws governing high-interest loans. So, they were free to use unusual loan terms -- at least for a while.

Whereas most high-interest lending is done for short time periods -- such as 31 days or less -- Western Sky's loans came with terms ranging from 12 months to seven years. Interest rates depended on the specific loan terms, but the typical interest rate on a Western Sky loan was 135%.

As if that wasn't enough, while there were no up-front fees per se, there was a fee associated with each loan that was simply added onto the loan's balance. And, these fees could be large. For example, if you wanted to borrow $500, you had to take out an $850 loan, of which you received $500 and Western Sky pocketed the rest.

Fortunately, because of an enormous amount of consumer complaints and pressure by several activist groups, Western Sky ceased making new loans in September 2013. At the time, the company's loans had already been banned in 21 states, and several others were working on doing the same."

Banned = Job killing regulations in Trump speak.

#3 | Posted by 726 at 2018-02-05 10:57 AM | Reply

These guys are Trump's kind of scum.

#4 | Posted by Corky at 2018-02-05 08:14 PM | Reply

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Drudge Retort