DC Leadership Opens The Doors For Payday Lenders To Create Endless Debt

You go a block down the road, it’s a different
one. And they’re doing that intentionally to put
themselves in the minds of these people who may need the loans. Look at our community of advocates who are
trying to bring reform to this area and among the most conspicuous and interesting advocates
are churches, especially churches that cater to a black parishioners. Why is that? Well, in too many cases, these victims of
these predatory lenders have already exhausted all their savings. They’ve sold whatever they can, they’ve gone
to every relative and friend and finally they go to a church. And these churches are basically funding the
payday industry because that’s the area of last resort. And so it is churches, religious leaders,
the Baptist Church in particular that is pressing for reform. And unfortunately speaking to deaf ears at
the consumer financial protection bureau under the Trump director. You know, the CFPB really doesn’t have any
interest anymore in, in protecting consumers from any of these financial scams, do they? I mean, I mean you may as well just drop the
CF and P from the entire name because right now this is just the corporate protection
bureau. That is what we’ve seen it morph into these
last two years, hasn’t it? That’s right. And we believe they are betraying their mission. We actually at Public Citizen we, we do our
mindful of the law and when it’s violated, take, take these miscreants to, to court and
are looking at what the legal remedies might be in this case because the, the law that
created this, the 2010 Dodd Frank Wall Street reform and Consumer Protection Act clearly
identified what the CFPB should do. And we think they’re doing the exact opposite
with, in this case. Well, you know, Public Citizen’s been one
of those groups that’s always been on the forefront of consumer issues. You know, I, I check your website constantly
to just stay up to date on everything that’s going out there. So I, I guess in this point, you know, Public
Citizen is out there raising awareness of these issues. We know that this rule change has been proposed,
has not yet gone into effect. So what can consumers do at this point to
protect themselves? And is there anything we can do to actually
stop this rule from coming into effect here? Well that’s a very good question. Don’t have a flat tire is I guess the, the
first bit of advice. Public Citizen’s founder, Ralph Nader, famously
wrote a book about the automobile industry called “Unsafe at
Any Speed,” when then Law, Harvard Law Professor Elizabeth Warren conceive this in a, in a
law review paper, she paid homage to Mr. Nader and her, her article is called “Unsafe at
Any Rate.” Public Citizen, as you rightly say, has a
key role in the foundation of the CFPB. This, this rule is outstanding. There’s a 90 day comment period. Go to regulations.gov and search for it. The, the CFPB is taking comment for the next
90 days. Contact your member of Congress and your senator
to make it clear. With the House under democratic control, skeptical
of the Trump administration, there will be hearings where this will certainly come about
will, will be a subject. And I think that with enough intense pressure,
arguably as a sentient being, Kathy Kraninger, the
head of the CFPB, will see what America needs and, and kill this rule. Absolutely. Bartlett Naylor, with Public Citizen. Thank you very much for talking with us today and thank you for all of the work that you and your organization
do every single day. Thank you. Thank you, thank you for your interest.

45 comments on “DC Leadership Opens The Doors For Payday Lenders To Create Endless Debt”

  1. Windy canovercome says:

    No interest rate wen people pay pay the bill. Interest rate is like they just wanted cheat n they just want take more more from the buyer n that not fair

  2. Jebus Hypocristos says:

    Stealing from the poor to benefit the rich is the conservative way.

  3. Wreck it Ralph says:

    When I was a teenager I got some medical bills and then I got into Pay day loans and once you have a couple out your screwed I had to file bankruptcy they interest alone was more than I was making. It is a never ending pit.

  4. Timothy McCaskey says:

    Payday Lenders. The modern-day Robber Barons.

  5. jl sc says:

    So, what this means is agent orange found another Obama rule to overturn. They don't care about anything but killing anything obama.

  6. Rene Van alphen says:

    Isnt it great to be american?

  7. Ken Rose says:

    And banks own these payday loans places too…over a decade ago I went to such one, when they cut the check, I was surprised to see Wells Fargo name on it…so I took to a Wells Fargo bank and do you know they wouldn't cash it because I didn't have a account there…

  8. Jason H says:

    Of course, the king of all Americans Israel says it's best to stay in debt. The same period who own our money and banking system own Israel

  9. Pilot Forever says:

    Another reason bankruptcy is through the roof. It’s easier and cheaper overall. Your credit is screwed either way.

  10. Brian Jacobsen says:

    I bet the corporate government pays back the defaults. With our tax dollars. Kill Corporate

  11. Fred Derf says:

    Consumer protection is anti-republican.

  12. wise eyes says:

    Corrupt money changers,thieves!

  13. I_Am_Dragoon says:

    Donald Trump wants Everyone to have as many bankruptcies as he does.

  14. Reaper0123 says:

    So they're letting sharks in the swamp, eh?

  15. wise eyes says:

    Trump and the GOP,have to be removed,period

  16. Sara Cruze says:

    Why this is not a good move high interest rates don't do it's BIG BIG TRAP!!!!

  17. froghorntreebeard says:

    All the fake Christians in public office should be against Usury it is a sin,  Jesus kicked the money lenders from the temple for a reason.  Evangelical scum.

  18. Ben Locsei says:

    But of course they did.

  19. bigraviolees says:

    GOP mantra, business is everything human lives are nothing. Distribute wealth s o people dont need these loans and remember the CEOs dont need billions in this nation

  20. Michael Taylor says:

    Pence should have stood up and said something on behalf of the church. They basic let the money changers loose in our country.

  21. chutta woolco says:

    Wasn't Usury listed in the Declaration in the list of grievances against the Crown?
    How far the wingers have fallen. Betsy has a special place in Evangelical Hell

  22. Biasly Unbiased says:


  23. Biasly Unbiased says:

    Conservatives have been oppressing and enslaving since SLAVERY,one way or another!

  24. Ren Wilson says:

    Trump doesn’t care about white people.

  25. morganbesh says:

    What the hell is the Trump administration's justification for doing this? Are they even helping any consumer at all? The Trump administration IS the SWAMP.

  26. 1pyroace1 says:

    Rise should b shut down

  27. a2soc says:

    So now everyone can be like our president. Borrow, borrow, borrow then bankruptcy! It worked for Donald j trump!

  28. Yahsgrace &mercy says:


  29. sailormanariel says:

    If Obama did it it must be good for the people . . . . so let's put it back the way it was. I spit on anyone who voted for Trump.

    I guess the pattern holds where the next Democratic president will use all his time fixing the mess of the current Republican president. And America will fall further behind the rest of the world.

  30. steve clark says:

    when did you start working fro the russians?

  31. Jonathon Stubbs says:

    The Best Way to screw the Payday Lenders is to never need one. All you need to do is Budget every month and give every dollar a name. Next save up $1,000 for your starter emergency fund. After you're done with that move on to your debt snowball. Pay off all your debts as fast as possible. Once you're debt-free go ahead and start building up your emergency fund from $1,000 to 6 months of expenses. Now you're debt-free and have a ton and savings and you'll never need a Payday lender again

  32. stoeger 2 says:

    It's like america wants to destroy itself

  33. Jim Calhoun says:

    Bank of America = payday lender, sort of. Once upon a time, you could put your money in a bank and receive interest based on your savings. Now if you put money in the bank not only do you not get interest, there can be a fee if you do not maintain a minimum balance.

  34. One Of Those Guys says:

    NW GA here….we are in this kind of trouble here.

  35. Deacon Verter says:

    Is there such a word as "swampier"?

  36. MIKAEL S1 says:

    Being able to operate anywhere and everywhere in America tells you everything you need to know.

  37. JustWasted3HoursHere says:

    I remember watching a commercial for "Cash Call", a loan company similar to these payday loan companies, and was shocked to see in tiny print at the bottom of the screen that the annual percentage rate was 99.95%. Congress is not interested in actually looking out for the consumer, but helping the business world rape the consumer and trap them into a constant debt cycle. I guarantee that these pay day loan companies spend tens of millions or more on lobbying (legal bribery).

  38. ze says:

    Murica, home of the predatory scam…

  39. Lanzy Fabian says:

    Karl Marx theorized that Capitalism would destroy itself through its own contradictions. Payday loans and defaults are an obvious proof that our economy doesn't serve the majority of our people.

  40. Corey Mondello says:

    USA is an Oligarchy

  41. Lady says:

    A credit union will give you a 500 loan

  42. tim ahlf says:

    Why don't we have more public banking and go back to postal banking at least the poor would have a cheaper place to bank.

  43. Hammond says:

    Conservatives are predators. America is dying from within.

  44. George chinchilla says:

    Thefts with a license ,that’s all…

  45. Johnny Guerra says:

    Payday Loans are their for quick relief for people with Bad to No Credit. The High-Interest rate is Business. The Point is to get Financial Education. Lrean from your mistake. I DID.

Leave a Reply

Your email address will not be published. Required fields are marked *