Monday, June 18, 2018

From AFR: Stop The Debt Trap - Payday Lending in the News.

For more recent press hits worth sharing, check out#StopTheDebtTrap News Stories!


Federal judge rejects CFPB's effort to halt payday rule
June 13, American Banker
A federal court dealt a blow to efforts by the Consumer Financial Protection Bureau to slow down the agency's payday lending rule. U.S. District Judge Lee Yeakel on Tuesday denied the request by acting CFPB Director Mick Mulvaney that the court delay the payday rule's effective date, which is set for next year.
More Coverage:
CFPB Payday Rule Will Go Live Next Year, Judge Says Bloomberg
Texas Court Rules Against CFPB’s Payday Lending Act Delay | PYMNTS.com
"Mick Mulvaney and the payday lenders tried an end-run around the law and it was rightly rejected," said Will Corbett, litigation counsel @CRLONLINE. "Today’s ruling is a win for consumers." #ProtectConsumers #StopTheDebtTrap http://bit.ly/2K6AWX4
Other News
Legal Aid official describes firing of advisers to federal consumer board
June 17, The Florida Times Union
Over 60 members of the Consumer Financial Protection Bureau’s three advisory boards comprised of volunteers from industry and consumer groups as wells as academics were all fired recently.

White House Confirms That Mulvaney Deputy Is Pick to Lead Consumer Bureau
June 16, The New York Times
Mick Mulvaney, the White House budget director and acting head of the Consumer Financial Protection Bureau, has picked a deputy at the budget office, Kathy Kraninger, to succeed him at the consumer watchdog agency, a White House spokeswoman confirmed on Saturday. REPOST: WRAL.com
More Coverage:
Trump's consumer watchdog pick draws criticism from left and right Reuters
President Trump To Tap Mulvaney Associate To Lead Consumer Bureau | NPR

Pa. lawmakers should reject this exploitative payday lending bill
June 15, Harrisburg Patriot News
It's the rare day that goes by in Harrisburg when state lawmakers don't praise the virtues of Pennsylvania's active-duty servicemen and women and its veterans. Yet a nakedly exploitative bill now before the House Commerce Committee, if approved, would open a loophole in state law big enough to drive an Abrams tank through, trapping those same heroes in a crushing cycle of debt.
More Coverage:
Reject legislation to aid payday lenders | The Morning Call
Rep. Heffley accused of sneaking payday lending bill through committee | City & State

CFPB’s Acting Director Is Acting Up: Mulvaney Joins Payday Industry to Fight Regulation
June 13, The Pasadena Journal
Mick Mulvaney, the illegally appointed Acting Director of the Consumer Financial Protection Bureau (CFPB) is a glaring example of one who appears to consistently relegate the financial concerns of America’s people in favor of businesses that harm instead of help consumers. His support of the payday and small-dollar lending industry is a prime example.

In Our View: We’re Inviting Another Crisis
June 12, The Columbian
With the nation barely out from under the shadow of the Great Recession, the Trump administration and a complicit Congress continue to ignore the lessons of the past decade. Safeguards put in place to protect against another economic meltdown are being rolled back, while protections for consumers are being ignored.

For more recent press hits worth sharing, check out#StopTheDebtTrap News Stories!
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