The cynical among us were not surprised that the day after HRC won multiple state primaries on Tues, DNC chairwoman and Congresswoman DW Shultz co-sponsored a bill with the GOP to gut the new Consumer Protection Agency and delay new rules about Payday lenders.
After all, Shultz has done yeoman duty helping the Clinton campaign, creating so much tension on the DNC that one of the vice-chairs resigned and endorsed Sanders. Now that Shultz’s work is coming to fruition, its time to strike while the iron is hot, attack a thorn in the side of her corporate paymasters and align herself with the Republicans. The new rule would stop any Federal regulation of payday lending if there are state laws, no matter how slack those state laws are….as in Shultz’s state of Florida- where recent studies show there is a weakness in the law. At huge costs.
What is the Consumer Financial Protection Bureau fighting that makes Shultz and her corporate paymasters frightened? Take a look-
http://www.consumerfinance.gov/newsroom/cfpb-finds-four-out-of-five-payday-loans-are-rolled-over-or-
renewed/
But you know, principles are fungible things. So what if thousands are foreclosed, dispossessed, forced into years of debt servitude…as long as someone’s log gets rolled.
Expect a lot more from a new Clinton Admin. probably with Shultz in the Cabinet.
(But, there is pushback about HRC’s email server problems and many are pinning hope on Federal action; just like they are pinning hope on Trump’s University problems. don’t count on it.).
R
http://www.huffingtonpost.com/entry/debbie-wasserman-schultz-paylenders-cfpb_us_56d4ce38e4b03260bf77
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Recent Pew info-
http://www.pewtrusts.org/en/research-and-analysis/collections/2014/12/payday-lending-in-america
