Under Trump, the Consumer Financial Protection Bureau is removing restrictions on predatory lenders - really basic stuff like, the lenders no longer have to do ANY due diligence on whether or not the borrower could ever pay back the money type stuff.
There is so much obvious stuff that Trump does that is racist and anti-poor and sexist, and I’m not by any means defending letting Nazis march in the street. But these are the kind of laws that are inherently anti-poor and will disproportionately impact a greater amount of POC. Rich folk aren’t taking out payday loans yall.
This directly reverses years of the FTC and CFPB directly trying to cut down on and attack predatory lenders. I work in online marketing, and for many years payday loans were a booming market. Since these rules have been passed and with years of the feds actively enforcing them, that market has shrunk greatly. I’ve had more than one client who had payday loans as their primary market get completely shut down by the feds, and tons of others have completely dropped or greatly reduced the number of payday loan offers they promote, simply because it’s not worth the risk of something going wrong. So anecdotally, I can tell you that these Obama era priorities and rules..... worked.
I’m sharing this because I don’t want it to slip under the radar of all the other horrible stuff. There is absolutely no excuse to change this rule and no financial reasoning other than this helps rich evil people be more rich and more evil. The nonsense about “helping more people access credit” is fucking bullshit.
And also, good morning yall!