Trump Admin To Roll Back Regulations On Predatory Payday Lenders


Donald Trump has an unhealthy obsession with
Barack Obama. In fact, the only real thing that Donald Trump
has done since becoming president of the United States is rolling back all of the good things
that Barack Obama did while he was president, and this week is no exception. Donald Trump’s consumer financial protection
bureau announced that they’re going to be revising the regulations that Obama put in
place against predatory payday lenders. Specifically, they want to take away the regulation
that said that payday lenders have to determine whether or not somebody is even capable of
paying back one of these payday loans before they make the loan. That helped a lot of people from entering
a cycle of endless debt, which is what these predatory payday lenders had based their entire
industry on. That’s what they did. They would get people to come in hand over
their car title or you know, a pay stub showing this is how much they make. They’d give them $500 and say, you’ve got
one week to pay us back. If they didn’t pay him back in one week, not
only were they hit with fees and interest rates, that could be up to 50 percent, but
after that week they were hit with interest rates that went into the hundreds of percents
trapping people in an endless cycle of debt and making that initial loan that they took
out, you know, double and triple and quadruple in a matter of weeks. That $500 loan became a $4,000 loan in a month
or two, and Obama was trying to put an end to that. The regulation they put in place. The CFPB said, you cannot give them money
if you determine that they will never be able to pay you back, but now Trump admin comes
along and says to hell with whether or not they can pay you back, loan them the money,
and then go from there. Charge them these astronomical interest rates. Go ahead and rip them off prey on the poorest
communities in this country, which as we’ve discussed countless times over the years on
ring of fire. That is exactly what they did. They would set up shop in poor communities
and just watch that cash come rolling in, trapping people in what has been described
as an endless cycle of debt and Trump’s trying to take us back to that why? Because he hates Barack Obama so much and
of course the people he’s put in government, including those at the CFPB, uh, they also
are good friends with the payday lenders and they want them to be able to make as much
money as possible because they have also made money off the payday lending industry through
their campaigns. And this is political payback. This is what you get. You give enough money to the right people
in Washington DC. They will deregulate the hell out of you so
you can continue to screw over American citizens at every given opportunity in the payday,
lenders knew that their day would come, all they had to do was wait, and now they’re getting
rewarded. There is a positive note here. There is still with this proposed rule change,
a 90 day comment period. So I encourage every single person out there
to get on the consumer. Financial Protection Bureau is website. Submit a comment and let them know that this
decision to change this rule will be an absolute disaster for the American economy and that
you do not in any way, shape or form. Support this rule. Change our voices right now. We have a chance to be heard, so let’s not
waste it.

88 comments on “Trump Admin To Roll Back Regulations On Predatory Payday Lenders”

  1. lilli harlow 61 says:

    trump's obvious jealousy and bigotry for Obama is hurting the country. trump bases his decisions on his hatred of Obama and not what is best for America. remove dolt 45.

  2. Jo Hickey says:

    Debbie w shiltz will be pleased

  3. Deacon Verter says:

    Sure! We've money we can loan you.
    Here you go. Now we own you.

  4. NOT YOU says:

    Next he is going to make it legal to smoke inside public places again.

  5. Christian Soldier says:

    Trump hates Obama because Trump is a racist. All the while taking up the mantle of the Bush Administration…

  6. Chris Tams says:

    Yes, release the loan sharks back into the water, so that they bite off a limb here and another there.

  7. Timothy McCaskey says:

    Why not. Predatory practices are what made Donald Trump what he is today. And I'm not just refering to his interaction with Women.

  8. professor moriarty says:

    It's the usury suspects

  9. Nancy Smith says:

    Trump may consider himself one of the oligarchy; like saudi prince salman, like putin, like koch bros, like jung un, like al-sissi…….

  10. Deacon Verter says:

    It took one meeting with Pharma Execs and a fat donation to his campaign coffers for Trump to ditch his promise to regulate drug prices. Now it's payday lenders. Time to play "YOU find the bribe!"

  11. maxx1mus1041 says:

    Trump loves Obamas d**k.

  12. charissecoal says:

    What do you expect from a man whos gone bankrupt three times 😐

  13. James Oxford says:

    This couldn't possibly have anything to do with all that money Mick Mulvaney took from the payday lending industry while in Congress, right?

  14. X Marks says:

    Horrible !!!

  15. derek poole says:

    WAKE AMERICA, REPUBLICANS VILE, GET THEM OUT

  16. Claire tiggs says:

    Trumps a pathetic ass, hes donald first and America last, this psycho obsession of undoing Obamas work

  17. grantg98 says:

    One of the many reasons I despise Trump. Incompetent, hateful fool
    screwing over consumers.

  18. Fortunefaded420 says:

    Yeah we can complain, but how much you wanna bet they will just ajit pai those comments.

  19. J A says:

    Hello Mr. Cousins, I have located the CFPB website. Do I post my comment under “submit a complaint”? Link: https://www.consumerfinance.gov
    In the upper right hand corner (in blue writing) is “submit a complaint”. Thank you for bringing this to our attention. These loan sharks are despicable.

  20. Millie Ruff says:

    Deregulation caused the 2008 crash,the markets done great just before they weren't.all the geniuses never clued in to sub prime mortgages,when has a bank ever given out anything below cost that was good for anyone?

  21. MidScream1 says:

    Go Trump 2O2O. This helps capitalistic Republicans and only hurts poor Democrats 🙂

  22. EBK SCORSESE says:

    TitleMax has entered the chat

  23. davedalessandro8189 Dalessandro says:

    I think it's funny when I see Republican voters that live paycheck-to-paycheck cheering rolling back regulations they don't realize those are there protections dumbasses

  24. rob boyd says:

    Pretty shady trump

  25. CG Author says:

    My husband was stuck in one of tbose predatory loans, it cost us so much!! We had to file for bankruptcy.

  26. Dondatta Ford says:

    This is America

  27. Pilot Forever says:

    Forcing more people into bankruptcy. Just like trump.

  28. Senam Lawson says:

    Hopefully, since his supporters approve of everything he does, they'll go do business with those payday loans.

  29. BackAndStillBgMsDangerus Dangerus says:

    This is one of trump's skirmishes in the "war" he referenced in the SOTU. His campaign of hate against this country is magnified a thousandfold because legislation enacted by Obama protects the people he hates the most, the poor, elderly, children, women, those disabled or sick, and most important, people of color whether natural born citizens, immigrants or those begging for sanctuary. To think he would stop if the investigation is ended prematurely and he gets to skate on all potential legal charges is a fool's belief. The evil in trump goes to the bone and he couldn't change if he wanted to. His parents were too successful in their education of screw others and they can't screw you. With the wealthy, he learned to use his perceived wealth to instill fear and buy "friends" to use for his personal gain. Every Republican protecting him so he can continue needs to go by removal from office. There won't be much left if we wait for the election.

  30. spectreshadow says:

    OF COURSE THEY ARE

  31. William Stefens says:

    Trump is a sick racist, Obama obsessed, sociopathic POS. Just because Trump loves debt, doesn't mean the rest of do. But of course he doesn't care about anything but himself and doing all he can to cancel Obama's legacy because Trump cannot stand the idea that Obama is so much more popular and like than he will ever be.

  32. spectreshadow says:

    God this country is so fucking broken.

  33. Tatethesnowflake Tate says:

    The dems disgusting display on tuesday has doomed the party of clowns…trump 2020

  34. Brian Garrow says:

    And in other news, the Trump Administration is now allowing the Mob to do collections. As long as Dirty Donnie gets his 20%.

  35. Rebecca Treeseed says:

    Trump hates Americans.

  36. Ken Rose says:

    Now they want to make Fannie and Freddie private again

  37. Anthony Pennza says:

    Because of course.

  38. likklej8 says:

    Trump is not a man of honour.

  39. Barbara Martin says:

    Other countries taking advantage of the U S is nothing compared to the way Trump and his swamp are treating the American people.👀

  40. WRECK 215 says:

    trump is nothing but the devil…!!!

  41. apotheosis0111 says:

    I bet Debbie Wasserman Schultz is orgasming to the thought of all the money she & her contributors will make thanks to this roll back of regulations on pay day lenders.. as disgusting a thought as that is

  42. Hanif Issa says:

    All poor people with nothing to lose should go get a loan, and then just not pay it back. What will they do? Lock them up? Who will do the work when all the poorly paid are in prison?

  43. Vasko Veloff says:

    Lock him up, lock him up, lock him up

  44. Wayne G says:

    Mitch McConnell and all his white hooded buddies are in the mix for getting all of Obama’s good things negated. That is what they live for.

  45. Betty Stephens says:

    He wants to hurt poor working people.

  46. blue03r6 says:

    The economy is starting to crash anyway. Might as well accelerate it and make it worse. I cant believe all the commercials for quicken rocket mortgage loans.use their app to apply for a mortgage and get an answer in mins. What a disasterous idea. thats the same shit that crashed the economy 10 years ago

  47. Robert Lavelle says:

    His stupid assed tax cuts for the rich puts more pressure on lower income people who might need these " money lenders in.the temple "
    He has not an ounce of compassion or morals.

  48. tilintolon1029 says:

    I don't understand i thought americans loved to be fucked in the ass isn't that why trump was elected? If the people that you elect to represent and make your voice be heard is fucking you day after day don't you have the power to take that power from them?

  49. poopdeckpappy.. says:

    Brainwashed zombies clones trump supporters are just mad that a black man ran white America for 8 years and racist pig trump supporters can handle it. Pigs

  50. Daniel Pittman says:

    There are 20 (not lying) payday loan places within a square mile on North Boulevard and Florida Boulevard between Acadian Thruway and Foster Dr. There are two of these businesses in the same two business building. It infuriates me.

  51. lextacy2008 says:

    That will just make people take out these loans, but this time they will purposely refuse to pay them back. Trump is a useful idiot for the poor here.

  52. stoeger 2 says:

    Trump would bring back the draft if it crossed his mind,and send half to iran and half to Venezuela

  53. The ZigRat says:

    This is just Trump paying off his payday lender Putin

  54. Roger Martin says:

    Nothing new to Republicans with Ronald Reagan as the SHERIFF OF NOTTINGHAM

  55. Sam South says:

    Yeah, theTrump's supporters probably be like:
    Oh, that's how the business goes and keep on supporting their God untill they die! Lol
    Cause its impossible to think when you're left with NO brain!

  56. Dennis Amsden says:

    This is what you call scum news

  57. TM 1 says:

    Despicable.

  58. Kathy Smith says:

    He's just obcessed with President Obama he can't get that respect he has so he dies what he can to get your attention

    Trump got turned down for a loan and got ticked off.so he took his anger in Americans cause he has nobody else to whine too

  59. Karin Bäckström says:

    The republican party is the party of evil. It is a mystery that there are people voting for any of the member of this anti Americans party. The reason can't be any other than real stupidity.

  60. Wreck it Ralph says:

    I got in too deep When I was 20 with the payday advance people and I had to file bankruptcy because there was no way of getting out once u have a few out your paycheck will only cover the finance charges every 2 weeks if that.

  61. TheIronChainMaster says:

    You don't have to worry about this if you don't take out loans. Big think 🤔👌

  62. Ruth Hall says:

    45 let President Obama live rent-free but 45 bass send him to Washington DC the destroy everything he put all these judges in place to rule against the America people I guess his base think what he's doing is not going to hurt them but it is it going to hurt all of us they have went up on everything

  63. Gothic Dragon warrior Queen says:

    Go back to the Middle East where you belong, TRUMP-HATERS! You side with ISIS, you move in with them!!!🇺🇸😡🖕

  64. George Barden says:

    I owe my soul,to the company store, anyone remember that song, sounds like trumpplstiltskins does it again 😲

  65. Stanny B says:

    Hey Trumptards still thinking he's fighting for you? Dumbfucks..

  66. Phillip Rhinehardt says:

    Trump is a idiot

  67. Joe Strummer says:

    Tuck Frump
    The garbage he is…

  68. LJ H says:

    He hates Obama, and secondly, make the rich richer, and the poor, poorer.

  69. Angela Sanchez says:

    Hood Robbin’

  70. Lindalee Law says:

    Last election in Colorado , voters voted to roll back max amt. % charged. Little by little…..

  71. John Smith says:

    These "people" prey on the most vulnerable and least able to afford it….Right wing capitalism 101.

  72. Timothy Allen says:

    Mobsters only charged 10% to 20% in vigorish a week. Pay day lenders are far worse people.

  73. SMART TROTTER says:

    Payday lenders lose $millions every year on bad loans because most folk cannot ever pay them back. Americans can no longer afford housing, cars, mortgages, college, vacations, and food. Soon, there will be no one left to buy any of these things. Corporate America has picked our bones clean. Stay away from payday lender vultures!

  74. James Mullen says:

    It's corporations over people. Oh, wait, corporations are people now.

  75. Edgar Pryor says:

    "That helped a lot of people from entering an endless cycle of debt"
    The regulation was scheduled to take effect later this year, so who exactly has it helped?

  76. Edgar Pryor says:

    Loaning money to people that can't pay you back sounds like a great way to get rich.

  77. Yahsgrace &mercy says:

    Here in Illinois payday loan advance interest is 400% 😐

  78. Ot Gman says:

    It's a good thing Trumptards frequent those rip off mills more than the average person because they certainly deserve to get screwed by Trump again.

  79. Satria Kurniawan Djaenal says:

    Whaddaya expect from a conman?

  80. bigtruck guy says:

    Enjoy your Fascist Kakistocracy you impotent pussies. Your Masters thank you for your apathy and ignorance.

  81. bigtruck guy says:

    "Can you remember the last time that your life meant more than fucking payments?!"
    -All Shall Perish

  82. Sharon Alexander says:

    Trump Mafia

  83. jl sc says:

    They are flooding us with deregulation to slow any advancements we MIGHT be able to make in the house.

  84. OrionPax09 says:

    No surprise that the Conman-In-Thief would pull a stunt like this. He hates Obama for being a black president that people like more than the Gross Trumpkin, so naturally he takes a great big dump on everything Obama did. Wrongald McConald also loves those predatory lenders because they line his pockets and they're disgusting cons like himself. And he doesn't care about anybody but himself. So naturally, he's more than happy to do all of these horrible things, even if we get screwed over in the process.

  85. Fleck Smugbrother says:

    You'd think that Trump would hate predatory loans as he's probably been a victim himself. But he does love loan sharks, so there you go. He loves making people feel financial pain….

  86. michael preston says:

    Trump is a Fat nasty mean Grinch, only Orange.

  87. Martin Smith says:

    When I was in the military;
    these vultures were picking
    the bones of many soldiers !!

  88. blue eyes white dragon says:

    Fake news dildo head

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