[ [link removed] ]Stop Trump's payday lending corruption

Petition to Congress:
"Expand the cap on payday loan interest rates that protects members of the
military to everyone in the United States and fight to impose a strict 15%
cap on payday loan interest rates nationwide."

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[ [link removed] ]Sign the petition ►

Dear Jack,

[ [link removed] ]Stop Trump's payday
lending corruption

One of the nation's wealthiest payday lenders was recently caught bragging
about how his donations to Trump are helping shred the rules on his
predatory industry, which makes its money by trapping people into debt
with interest rates as high as 400%.^1

The dirty secret of the payday lending industry is that they don't make
money if people repay their loans on time. Payday lenders trick people
into taking out loans with sky-high interest rates, lock them into months
or years of debt, charge hidden fees and then can arrest borrowers to
force them to pay. Obama-era rules cracked down on the industry, but with
a grifter like Trump in the White House, industry is fighting back. And
winning.^2,3

The Trump administration is too corrupt to regulate predatory payday
lenders. It's long past time for Congress to step in and protect Americans
with a clear, strict cap on payday loan interest rates.

[ [link removed] ]Tell Congress: Stop Trump's corruption. Crack down on payday lenders.
Click here to sign the petition.

Daniel Hodges of Advance Financial donated more than $1.25 million
directly to Trump, hosted a fundraiser for Mike Pence, donated almost
$700,000 to Republicans in Congress and hired White House Chief of Staff
Mick Mulvaney's former top aide as a lobbyist.^3 Hodges openly admitted to
the corruption, boasting that after he calls Republican National Committee
chair Ronna McDaniel, "She’s been able to call over to the White House and
say, ‘Hey, we have one of our large givers. They need an audience.’”^3

His investment appears to have paid off. The Consumer Financial Protection
Bureau, under Trump appointee Kathy Kraninger, claimed in a court filing
earlier this year that it would preserve Obama-era rules that would have
kept lenders' from getting unlimited access to people's bank accounts. In
2017, Hodges' lobbyist met with Mulvaney more than anyone not employed by
the government, and five Republican representatives all pressured
Kraninger to dismantle the payment rules during congressional hearings.^4
Now it looks like Kraninger is planning to do just that, despite her
earlier promise.

[ [link removed] ]Tell Congress: Stop Trump's corruption. Crack down on payday lenders.
Click here to sign the petition.

Democrats have better plans. Rep. Alexandria Ocasio-Cortez introduced a
bill that would cap all payday loans at 15%. Rep. Chuy Garcia is pushing
legislation that would extend the 36% cap that currently protects all
members of the military to every single American and close loopholes in
the process.

The best way to highlight Trump's corruption – and save people from
legally sanctioned loan sharks – is for the House of Representatives to
pass tough legislation cracking down on payday lenders. Can you help build
momentum for these bills today?

Tell Congress: Stop Trump's corruption. Crack down on payday lenders.
Click below to sign the petition:

[ [link removed] ][link removed]

Thank you for speaking out,

Heidi Hess, Co-Director
[ [link removed] ]CREDO Action from Working Assets

Add your name:

[ [link removed] ]Sign the petition ►

References:

 1. David Dayen, "[ [link removed] ]How to Buy a Regulation in Six Short Months," The
American Prospect, Dec. 9, 2019.
 2. Ibid.
 3. Anjali Tsui, "[ [link removed] ]They Loan You Money. Then They Get a Warrant for
Your Arrest." ProPublica, Dec. 3, 2019.
 4. Dayen, "[ [link removed] ]How to Buy a Regulation in Six Short Months."
 5. Ibid.

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