The CFPB continues to capitulate in the payday loan space!
President Trump and acting director Mick Mulvaney have had an astoundingly positive influence on the outlook for payday lending and the upbeat environment for US households as well.
Previously, the CFPB received an astounding 1,000,000,000+ comments from US consumers “praying” for continued access to payday loans and other small dollar loan products.
These consumer comments in the form of electronic and hand written communications fell on deaf ears at the CFPB.
The CFPB ignored them. Additionally, the CFPB ignored the payday loan industry, their employees, vendors and pro-payday loan legislators throughout the USA – of whom there are many.
This continued attack of a lawful industry became further weakened today by the announcement that the CFPB is dropping all lawsuits against 4 payday loan tribal lenders!
The lenders are: GOLDEN VALLEY LENDING, INC., SILVER CLOUD FINANCIAL, INC., MOUNTAIN SUMMIT FINANCIAL, INC., AND MAJESTIC LAKE FINANCIAL, INC.
The reason the CFPB threw in the towel? They want to ” consult with new leadership” at the CFPB 🙂
Before Hon. Julie A. Robinson, the FED’s filed a “Notice of Voluntary Dismissal” against the four lenders owned and operated by the Habematolel Pomo of Upper Lake.
NO REASONS WERE GIVEN!
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Recall that last October, under the lead of former Director Richard Cordray, the CFPB had intended to implement new rules requiring all lenders to make a determination as to the borrower’s ability to repay the loan.
This would have caused massive disruption; after all, the typical payday loan is less than $400! How on earth coild a lender be expected to analyize ther loan applicant’s personal income, household and expense situation? Most of these folks are simply caught in a temporary financial emergency; utilities turned off, car repair, prescription needed…
For many LONG months, the payday and car title loan industry has been expecting overly aggressive CFPB rules to be implemented.
Today? These expectations are at an end! President Trump’s administration has delivered a HUGE dose of common sense to “the business of lending money to the masses.”
[As a result, our inbound phone calls and emails for consulting, capital raises, bank accounts, credit and debit card processing and “$$ push to borrowers” is escalating dramatically! TrihouseConsulting@gmail.com]
These are proving to be VERY GOOD TIMES for US households and lenders! It’s been such a LONG time that we’ve had a sense of optimism and entrepreneurship in America.
Here’s the announcement from the CFPB regarding the 4 tribes: