Category: CFPB

12
Sep

CFPB Grossly Understates Positive Payday Loan Testimonials it Received

We all know that our U.S. government agencies lie, cheat and steal even more than our politicians do. After all, these agencies are made up of ordinary people.

So it comes as NO SURPRISE that the CFPB failed to honestly reveal that 98.5% of the puny total number of payday loan testimonials submitted by ordinary borrowers on the CFPB payday loan website portal were POPSITIVE about the payday loan product!

According to the CFSA, during the 5 years data has been made available, “12,308 comments (or more than 98%) of the 12,546 comments submitted on short-term loans praised the industry and its products and services, or otherwise indicated positive experiences. “

Thus the old saying, “Statistics can be made to prove anything.” Ofcourse, in this CFPB instance, the government agency simply lied. So… what’s new? Zip!

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09
Jul

5000 Payday Lenders Win via U.S. House of Representatives

Payday Loan Lending

By Jer Trihouse. The battle between the CFPB and payday lenders is not yet decided. It appears the members of the  U.S. House of Representatives understand how important access to credit is for consumers throughout America!

It’s refreshing to witness the heroic efforts by our representatives in the House against unelected CFPB bureaucrats and their draconian efforts to place  credit restrictions on consumers for solving their daily financial challenges.

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FISCA represents the thousands of small mom and pop payday loan operators offering short-term, small dollar loans to their  clients.

Having actually visited payday loan stores in California, Nevada and Tennessee recently (unlike any CFPB employee), I can attest to the fact that consumers are scared. They are VERY worried that they will no longer have access to a $300 – $1000 payday loan from thier local loan center when facing a financial emergency.

Payday Lenders Win

Per Ed D’Alessio, FiSCA’s Executive Director, “By passing H.R. 5485 and rejecting the Sewell-Waters Amendment, this bipartisan group of lawmakers took an important step in keeping critical and often lifesaving lines of credit open for hard-working Americans.”

“H.R. 5485 requires the Consumer Financial Protection Bureau (CFPB) to pause the implementation of the proposed federal rules governing small dollar lending in America, an extensive and economically devastating regulation that would deny access to short-term credit options to millions of Americans.”

Financial Service Centers Of America Statement In Response To H.R. 5485 And Sewell-Waters Amendment Votes

WASHINGTON, July 8, 2016 /PRNewswire/ — Financial Service Centers of America (FiSCA), the national trade association representing 5,000-member financial service center locations around the U.S., issued the following statement today in response to the votes on H.R. 5485, the FY 2017 Financial Services and General Government Appropriations Act, and the Sewell-Waters Amendment #17: “We applaud the…Continue Reading..

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07
Jul

From Prison to Payday Loans to Entrepreneurship to CFPB Testimony

In February, I was given the unlikely opportunity to testify before Congress on the Consumer Financial Protection Bureau’s (CFPB) proposed small-dollar lending rule.

My testimony was unlikely because I grew up in public housing, spent time in federal prison for selling drugs – and I’m a satisfied customer of the payday lending industry.

Now with the CFBP officially releasing its proposed rule on June 2, a rule that will threaten access to small-dollar loans for millions of Americans just like me, I felt compelled to tell my story and make sure others know the true value these loans have for people in need of short term credit.

Mine is a true success story and I owe a great deal of it to the payday lending industry.

Without the payday and title loans I was able to get, nothing that I have been able to achieve would have happened.

Ten years ago, I started a commercial cleaning business, Imperial Cleaning Systems, Inc. in my hometown of Nashville, Tennessee. Today I have…

Read Robert Sherrill’s full story here on The Hill, the U.S. Congress Blog:

http://thehill.com/blogs/congress-blog/economy-budget/286718-what-payday-loans-mean-to-me

Here’s a shorter link via Google if you need it: http://goo.gl/GqTZL3

Mr. Sherrill’s story is amazing! Forward this email to EVERYONE. Help our industry.

Thank You, Jer – Trihouse

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01
Mar

CFPB Gets a Right Hook from Democratic National Committee & H. R. 4018

Good News for Payday Loan Consumers!

The CFPB takes a “hit” from the chairwoman of the Democratic National Committee!

Surprise! CFPB Gets a Right Hook from Rep. Debbie Wasserman Schultz (D-Fla.) & H. R. 4018

Jer: Trihouse Consulting

Jer: Trihouse Consulting

By: Jer Trihouse. The chairwoman of the Democratic National Committee is pushing a bill H. R. 4018 that would delay new payday lending regulations.

Finally, someone in D.C displays some sense regarding the needs of millions of consumers needing access to emergency loans!

Rep. Debbie Wasserman Schultz (D-Fla.) is co-sponsoring the “Consumer Protection and Choice Act.” H. R. 4018 places a two year delay on pending rules from the CFPB – Consumer Financial Protection Bureau.

[Man, is this going to piss… I mean ANNOY, CFPB Director Cordray!]

The legislation exempts states with exisiting payday lending abuse laws from the rules. Wasserman Schultz’s home state of Florida has one such law on the books, and 12 of the bill’s 24 co-sponsors are also from the Sunshine State.

“As a state lawmaker, she helped write Florida’s law that has sharply reduced the need to go to bad actors, curbed predatory practices and created standards and protections for low-income borrowers,” Wasserman Schultz spokesman Sean Bartlett said.

Here’s a portion of H.R. 4018: (Link to H.R. 4018 at bottom)

To amend the Truth in Lending Act to establish deferred presentment transaction requirements, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Consumer Protection 5 and Choice Act’’.

REGULATION OF DEFERRED PRESENTMENT TRANSACTIONS AND DEFERRED PRESENTMENT PROVIDERS.

If the Director of the Bureau determines that a State has in effect a covered deferred presentment law, any regulations of the Bureau with respect to deferred presentment transactions and deferred presentment providers shall not apply in such State.

COVERED DEFERRED PRESENTMENT LAW DEFINED.
For purposes of this section, the term ‘covered deferred presentment law’ means a law or regulation of a State that provides for the licensing of deferred presentment providers and the regulation of deferred presentment transactions, which may be accomplished through existing State authority, and that meets the following requirements…

Here’s the LINK to the Bill.BILLS-114hr4018ih

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17
Nov

Payday Loan Industry Emergency

Payday Loan Fan,

This is a payday loan INDUSTRY EMERGENCY!

PLEASE get your employees and your customers involved immediately; TODAY.

If you don’t, you and your small dollar loan business are HISTORY!

Do you think “big brother” and Mr. Obama should tell YOU when, where and how often you can borrow money?
Do you want payday loan and other short-term loan products to go the way of the dinosaurs?
Do you want to allow Mr. Obama to force you to close your doors, layoff your employees and advise your borrowers your payday loan services are no longer an option for them in a financial emergency?

As of this minute, We have 84,476 signed payday loan petitions opposing the “short-term lending rules being considered by the CFPB: Consumer Financial Protection Bureau.”

Go here NOW:
https://petitions.whitehouse.gov//petition/oppose-short-term-lending-rules-being-considered-consumer-financial-protection-bureau

Here’s a shortened version of the link above: http://1.usa.gov/1MaOVRa

Add your info to the Form on the right of your screen and SAVE our industry and our RIGHTS!
Only your first and last name initials along with your city and state will display.

You have until NOVEMBER 19th to SAVE OUR PAYDAY LOAN INDUSTRY as we know it.

Jer@TrihouseConsulting.com
702-208-6736

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