On February 11, the banking institutions and credit rating Subcommittee of this House Financial solutions Committee will hold a hearing entitled вЂњShort-term, tiny Dollar Lending: the CFPBвЂ™s Assault on use of Credit and Trampling of State and Tribal Sovereignty.вЂќ
In after taking out payday and other short-term, high-interest loans if you could not tell from the title alone, the hearing is not meant shed any light on the debt trap many borrowers find themselves. Instead, the lending that is paydayвЂ™s allies in Congress are keeping this sham of the hearing to strike the buyer Financial Protection Bureau (CFPB) because it makes brand brand new guidelines to rein when you look at the worst of those predatory loan providers.
Such as the people in Congress organizing the hearing, those being called to testify are allies regarding the payday financing industry. They consist of:
Greg Zoeller: IndianaвЂ™s Attorney General Has Raked in $23,000 in Campaign money from Payday Lenders Since 2010, Including a $1000 Contribution to their Nascent House Campaign not as much as 3 Months Ago
Ace money Express Is One of Six PACs to own fond of ZoellerвЂ™s Congressional Campaign so far
Thomas Miller: Scholar at Mercatus Center, a George Mason University Think Tank funded and founded by the Koch Brothers
Thomas W. Miller Is just A scholar that is visiting with Mercatus Center at George Mason University.
вЂњThomas W. Miller, Jr., is a visiting scholar with the Mercatus Center at George Mason University, whose research study centers around foreclosures for the venture for the research of American Capitalism and a project on little buck loans for the Financial Markets performing Group. Dr. Miller is just a Professor of Finance additionally the inaugural owner for the Jack R. Lee seat in finance institutions and customer Finance at Mississippi State University, and co-author of вЂњFundamentals of opportunities: Valuation and ManagementвЂќ and вЂњDerivatives: Valuation and danger Management.вЂќ He’s got held roles at Saint Louis University, Washington University in St. Continue reading “Cash Speaks: Meet With The Payday Business Cronies Testifying at TodayвЂ™s Sham Congressional Hearing”