Obama-Elizabeth Warren payday lender rules slammed by Florida Democrats

[Uncle Joe]

http://www.washingtontimes.com/news/2015/jun/17/obama-elizabeth-warren-payday-lender-rules-slammed/?page=all

Florida’s congressional Democrats are rebelling against the new financial oversight agency championed by President Obama and liberal icon Elizabeth Warren, slamming its proposed payday lenders rules as a bad example of a “one-size-fits-all policy” that will limit consumers’ banking choices.

Among those joining the fight are Rep. Debbie Wasserman Schultz, Mr. Obama’s handpicked chairwoman of the Democratic National Committee, and Reps. Alcee L. Hastings and Corrine Brown, the two longest-serving Florida Democrats in Congress.

(snip)

Mr. Obama and Ms. Warren have both targeted the payday lending industry for increased oversight, accusing it of engaging in predatory lending practices.

But Florida’s entire Democratic congressional delegation joined their Republican counterparts in sending a letter in recent days to CFPB pleading for the agency to adapt the rules to take into account actions Florida has already taken to reform the payday lending industry.

There is more on the link.

[Erich Bloodaxe BSN]

1. DWS supports scam artists who rip off poor people? Colour me shocked. nt

[Uncle Joe]

5. I agree Debbie Schultz seems to be dragging back on many critical issues.

[snooper2]

23. somebody needs to tell her to go fuck herself. Wish Obama would just fire her ass....

[Human101948]

2. That's not "banking," it's loan sharking...

Especially when the vig is around 600%.

http://finance.youngmoney.com/credit_debt/credit_basics/Payday_loans/
According to the Consumers Union (the nonprofit publisher of Consumer Reports) in California, Payday Loan companies can charge as much as 15% of the face value of the check. That equates to about 900% for a one-week loan and 450% for a two-week loan. To compound the issues, a Wall Street analyst indicated, "the average customer makes 11 transactions a year,” compounding their problem and their financial woes.

[Uncle Joe]

7. Precisely, Human, it's nothing but a trap.

[Scuba]

3. In Florida, "Democrat" means "Republican."

[IDemo]

15. Apparently in Kentucky as well.

[patricia92243]

4. I'm ashamed of democrats on this one :(

[djean111]

6. Any more proof needed that all we have in Florida, pretty much all we are given to vote for - DINOs.

Aside from a very few, I even believe that the ones who are not outright DINOs work it out who is going to sound "liberal" without upsetting the DINO cart. No, that is not CT stuff, Pelosi does it.
And that is on DWS. And on those who champion her, those who put her up for the job she has now.

[Uncle Joe]

9. They don't represent the peoples' best interests, it's all about corporations with them.

[djean111]

11. That, and personal gain and power.

When Debbie DINO offers, in AN EMAIL, to change her opposition to medical marijuana from rabidly against to approval - if the guy who initiated the effort (John Morgan) would take back all the mean (true) things he said about her - then she is not even kissing Pharma ass - she is just looking out for herself.

This person controls the DNC and, really, the Florida Democrats. This is why I snicker when people say oh, you need to vote in more liberals. The Third Way does not let that happen if they can help it.

[Uncle Joe]

13. If there was ever an indictment of character that was it.

[CharlotteVale]

8. Why DID Obama choose DWS?

[Le Taz Hot]

17. If I were to guess?

Like the Secretary of State job, it was part of the consolation package given to Hillary Clinton after losing the nomination.

[dorkzilla]

18. Nailed it. nt

[Oilwellian]

35. It also strengthened the Third Way's control...

of the party. A calculated move, imho.

[a kennedy]

10. Should check their campaign donations.....bet that would show why they are against it. eom

[Uncle Joe]

12. Follow the money. n/t

[lonestarnot]

14. They remind me of the turtle with the natural worm outgrowth.

[Le Taz Hot]

16. A friend of mine used to work as the manager

at an apartment complex for seniors and the disabled. I'm talking about people who live on $500.00 a month or less and yes, they exist. I can't tell you how many of those residents became ENSLAVED to these payday lenders to where they will never live long enough to pay back. What was once a $50.00 loan would quickly turn into $1000.00 because the interest, OUTRAGEOUS interest, would be tacked on month after month after month.

I'm disappointed in Alcee L. Hastings on this one.

And once again, Hillary's BFF, DWS. That one doesn't surprise me at all.

Just goes to show you how far right the Democratic Party has gone.

[Uncle Joe]

19. Pay day loans, for profit prisons, for profit health insurance, the militarized police and

the "war on drugs" all serve to keep the people in the cage and/or on the wheel.

[Fuddnik]

20. Hopefully, with the new redistricting maps being drawn up,

Those 3 will lose their hand made districts, and a few progressives can primary them.

They weren't even the worst. The only way we got rid of Jim Davis, was he decided he wanted to be Governor, and lost to Chain Gang Charlie Crist. Another good progressive they recruited to be a Dem........

[Uncle Joe]

22. That would be nice if elections were actually representative of the people. n/t

[pipoman]

21. Borrowing money at payday loan to make the down payment for a sofa sleeper at Rent a Center..

The American way!

[Le Taz Hot]

25. Or to feed your family . . .

[Enthusiast]

24. Kicked and recommended!

[DonCoquixote]

26. do we really need to be surprised

As a Florida democrat I will say this, if any one party needed to be dismantled and rebuilt, it would be the Florida Democrat Party. Debbie Wassermann Schultz has protected her GOP friends, and gone to the right on many issues, especially shown by her backstab of Obama's Iran peace deal. She is shunning the Liberal democrats, and insists on supporting former GOP that have not changed their positions. but are wiling to wear a D. The GOP is free to be incompetent, bumbling fools, because Debbie actually does a lot of their work for them.

[Tommy2Tone]

27. Payday lenders..don't get me started

Two years ago my mother passed away. She had a very nice 2010 Buick which I decided should go to my sister. Not three months later I get a call that my sister has borrowed $1000 and the interest alone was due. They wanted $1500 to pay the loan off and $500 just to renew the loan for one more month. The car is worth thousands so I got all mad, gulped and paid the $1500 off.

Fast forward two months and we are there again but the amount is a $800 loan, with one month interest of $400 or $1200 to pay off the loan. Again I paid the loan off but this time I had the title transferred into my name.

Okay my sister is a mess but that is not the point. Sadly people need to be protected from themselves and their desperation. My sister borrowed money to keep from being evicted. Most of the people who use these horrible loans know exactly what they are doing, but are in some desperate situation. These loans only make the matter worse.

BTW..My sister is still in a bad way but at least I can slip her a few hundred here and there and she won't lose our mother's car.

[Uncle Joe]

28. The pay day loan industry's motto should be "Let us prey"

That's what they're all about.

[Tommy2Tone]

30. Exactly!

[hifiguy]

38. When it was the Mafia doing it,

they called it loan-sharking. The Mob was clearly ahead of its time.

[Pisces]

29. Goodbye Wasserman. Don't let the door hit you on the ass on your way out!!!!!

[mmonk]

31. Recommended. Thanks Uncle Joe.

[Uncle Joe]

32. Thank you, mmonk.

[lpbk2713]

33. Gee, what a coincidence.

Amscot Financial is based in Tampa.

236 locations.

Link: https://en.wikipedia.org/wiki/Amscot_Financial

[BuelahWitch]

34. Shame on them ALL! n/t

[Eleanors38]

36. When a loan shark belchs, a cloud of rancid potato stink comes from DNC.

[hifiguy]

37. I KNEW DWS would be a part of this before clicking.

Why does she even pretend to be a Democrat anymore?

Gee, I wonder if these congressritters are getting nice fat bribes, err, campaign contributions, from the loan sharks.