new director of the Consumer Financial Protection Bureau (#CFPB) making an official public statement in favor of #SoLoFunds, a peer to peer payday lender that operated w/out a license and connected desperately poor people to loans charging 2,000% interest.
https://x.com/russvought/status/1893732780527276236
#RussVought #CFPB #OMB #MAGA #DOGE #uspol #paydaylenders #PaydayLending #usury #fintech
Russ Vought (@russvought) on X
Over the last four years, many working class Americans with limited means faced unexpected medical bills, auto repairs & higher grocery bills. One company set up an innovative solution by creating a platform to allow borrowers & lenders to connect for loans at no interest, with
live look at #a16z’s #MarcAndreessen after killing off the Consumer Financial Protection Bureau (#CFPB), making sure americans will be paying extortionate junk fees and usurious interest rates on payday loans in addition to having zero protection from crypto scams:
#uspol #DOGE #elonmusk #finreg #banking #junkfees #paydaylending #paydaylender #corruption #broligarch #broligarchy #broligarchs #nerdreich #banksLivesMatter
there's some looming enactment dates for #CFPB rules against usurious payday lending that the administration can't undo at this point which prolly explains why #DOGE is in such a rush to just demolish the agency. @LawandChaosPod gets into it ca. 51:00
https://www.youtube.com/watch?v=EkHXi0MJc_o
#ElonMusk #paydaylending #usury #paydaylender #TRUMP #MAGA #uspol #uspolitics
Ep 106 — The Musk Parasite Multiplies
Reading this story about new #paydaylending methods and the people who live paycheck-to-paycheck is super depressing.
These aren't the pejorative "burger flippers" but people working in offices, health care and manufacturing.
Or in other words: every US worker.
https://apnews.com/article/earned-wage-access-costs-payday-loans-9679d1bd09546d12074e0f27e23f0632
#paydayloan #povertypay #LivingWage
These apps allow workers to get paid between paychecks. Experts say there are steep costs
More people are using so-called Earned Wage Access apps to get money to pay bills and buy groceries in between paydays. The typical user earns less than $50,000 a year, according to the Government Accountability Office, and has experienced the pinch of two years of high inflation. Proponents say the service helps those living paycheck to paycheck balance their budgets. Some consumer advocates and lawmakers say the fees and “tips” make Earned Wage Access comparable to payday loans. While Congress considers a federal bill, some states are taking steps to rein in the fees.
The #PaydayLending industry - whose triple-digit interest rates trap poor people in revolving debt that they can never pay off - styles itself as a force for racial justice:
https://pluralistic.net/2022/01/29/planned-obsolescence/#academic-fraud
Payday lenders prey on poor people, and in America, "poor" is often a euphemism for "Black." Payday lenders disproportionately harm Black families:
https://ung.edu/student-money-management-center/money-minute/racial-wealth-gap-payday-loans.php
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Pluralistic: 29 Jan 2022 – Pluralistic: Daily links from Cory Doctorow
#PaydayLenders Gave Millions to
#GOP Group That Backed
#SupremeCourt Suit to Annihilate
#CFPB, this case that could lead to the elimination CFPB
The
#Republican #AttorneysGeneral Association (
#RAGA) fought to help a Supreme Court case against the Consumer Finance Protection Bureau. Despite widespread approval among Republican voters to regulate or prohibit
#paydaylending, Republican officials in more than 20 states are backing industry groups in the
#lawsuit.
https://theintercept.com/2023/08/30/payday-lenders-supreme-court-cfpb-republicans/ 
Payday Lenders Gave Millions to Republican Group That Backed Supreme Court Suit to Annihilate CFPB
The Republican Attorneys General Association fought to help a Supreme Court case against the Consumer Finance Protection Bureau.
In bizarre reversal under Trump, consumer agency reveals moves to protect payday lenders
The under-new-management Consumer Financial Protection Bureau has decided to back off from a planned crackdown on one of the financial sector’s most predatory industries.
⚯ Michel de Cryptadamus ⚯
mykdeen
Cory Doctorow
Benjamin Carr, Ph.D. 👨🏻💻🧬
maeve