Political Quotes

“First, let me thank our chair of the Banking Committee, someone who has fought against the abuses in the financial services industry throughout his career, Senator Brown. Let me also thank Senator Van Hollen, who, again, has been one of those leaders doing great things to help people who are often taken advantage of. Now, for millions of working Americans, one of the most dangerous things that can happen is falling victim to predatory lenders. Unscrupulous actors have always promised quick cash or credit to people with unexpected expenses or financial difficulties, only to trap them with crippling interest rates that can erase a person's life savings or even claim their homes. They are in trouble. They reach out to the lifeline, and the lifeline is a trap. Often they are trapped for years and even some for their whole lives. That is why more than 40 States have passed laws that prohibit this behavior and placed limits on interest rates made by nonbank lenders. It runs the gamut from liberal California to conservative Texas. Inexplicably--inexplicably--the Trump administration decided to give these predatory lenders a massive loophole to circumvent State law and once again prey on low-income Americans. Under the Trump administration's rule, so long as payday lenders found a bank to provide the cash upfront and attach their name to the transaction, interest rates in the triple digits were suddenly OK, even if the States explicitly banned it.…”