O’Connor: pay day loan work is really a payday for someone

O’Connor: pay day loan work is really a payday for someone

Payday lenders reportedly contributed $31,250 to Rep. Debbie Wasserman Schultz, seat associated with Democratic National Committee. (Picture: Andrew Burton / Getty Pictures)

More Democrats are using another swipe during the customer Finance Protection Bureau, this time around visiting the rescue of the downtrodden and group that is unfortunate of referred to as payday lenders. The best choice regarding the effort, chairwoman for the Democratic National Committee Debbie Wasserman Schultz, believes it is fine and dandy to offer hopeless borrowers interest levels of 312 per cent ’cuz that’s what her campaign contributors do in Florida, where Burmese pythons rule the Everglades and snakes of an completely various sort slither in to donate to people of Congress.

Obviously, i’m maybe not suggesting that any such thing as unseemly as filthy lucre would intrude in the process that is decision-making of Wasserman Schultz and her peers, besides the $13 million that the nonprofit Us americans for Financial Reform discovered payday loan providers have actually invested since 2013 on lobbying and campaign efforts to 50 lawmakers. Within the election that is last, based on the Miami Herald, payday lenders contributed $31,250 to — and prepare become surprised here! — Wasserman Schultz.

OK, so you’re not shocked.

Little Debbie’s crumb cakes

That’s understandable, because this is not the very first whack Wasserman Schultz along with other Democrats have taken in the CFPB. You might recall in November whenever, prior to the Thanksgiving recess, predatory lenders got an earlier Christmas time present into the guise associated with “Reforming CFPB Indirect car Financing Guidance Act.”


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