One Chart Destroys The Talking Point Lawmakers Are Using To Protect Their Payday Lender Buddies | ThinkProgress


Congressman Dennis Ross (R-FL) is very upset that the man in charge of conducting unprecedented analysis of the payday loan industry won’t agree to lie with him.

At a hearing Wednesday, Ross and fellow House Financial Services Committee members grilled Consumer Financial Protection Bureau Chief Richard Cordray on the agency’s planned federal regulations of payday lenders.

Ross and dozens of other Florida delegates have signed onto legislation to derail the CFPB’s rules, and the bill would set Florida’s current state-level regulations as the model for the nation.

Critics point to the large sums payday lenders have donated to those lawmakers and to data showing that Florida’s law has done nothing to curb the abuses of a business model that extracts some $3 billion each year from the poorest places in America.

Source: One Chart Destroys The Talking Point Lawmakers Are Using To Protect Their Payday Lender Buddies | ThinkProgress

Advertisements

Author: Geo Gee

I'm a curious one that finds politics, social issues, and diverse progressive solutions interesting. I believe information and education are the most powerful weapons one can arm himself with. Those two dynamics alone open the doors to opportunities. I also subscribe to each one teach one for a better world for all.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s