US House Subcommittee on Economic and Consumer Policy to Examine CFBP Proposed Repeal of the Payday Lending Rule

If I remember right isn’t that Payday Loan scam run by a bunch of senators and congressmen and politicians? The whole predatory practice needs to go away it’s like me agreeing to be robbed by a robber who has no gun. Lol

Mining Awareness +

Subcommittee on Economic and Consumer Policy to Examine CFBP Proposed Repeal of the Payday Lending Rule May 15, 2019 Press Release
Washington, D.C. (May 15, 2019)—On Thursday, May 16, 2019, the Subcommittee on Economic and Consumer Policy will hold a hearing on “CFPB’s Role in Empowering Predatory Lenders: Examining the Proposed Repeal of the Payday Lending Rule.”

WHERE: 2154 Rayburn House Office Building

WHEN: Thursday, May 16, 2019

TIME: 2:00 p.m.

A livestream will be broadcast here. https://www.youtube.com/channel/UCXSlyao4qkUFiPqghptHtZA

PURPOSE

This hearing will examine: (1) the integrity of the Consumer Financial Protection Bureau’s (CFBP) rulemaking relating to the payday lending industry; and (2) the proposed rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans.

BACKGROUND

Annually, around 12 million Americans use payday or auto title loans. Payday loans offer borrowers a small loan—on average, around $350—due in two weeks or less. Payday loan repayment is timed to coincide with…

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2 comments

  1. One scheme was run by a Russian oligarch. I have a creative commons article but it is long and by now it is dated (from 2015) so not up yet on the blog still. I found the article in 2017. He was running schemes in eastern Europe too. I think his name is Boyko or something similar. I meant to put it up yesterday but due to the pending immigration proposal I didn’t get it up.

    Like

    • I always thought that loan-sharking was illegal in this country but I guess it depends on who owns the loan-sharking business and who they’re ‘breaking off’ in the back office.. USA is the real shithole country.

      Liked by 1 person

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