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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsDebbie Wasserman Schultz attacked for bank donations and position on payday loan bill
"After taking hundreds of thousands of dollars from Goldman Sachs and other Wall Street banks, (Debbie Wasserman Schultz) has voted to prevent the Consumer Financial Protection Bureau from regulating payday loans and addressing racial discrimination in car loans."
— Tim Canova on Thursday, March 24th, 2016 in campaign website
Debbie Wasserman Schultz attacked for bank donations and position on payday loan bill
By Amy Sherman on Wednesday, March 30th, 2016 at 12:36 p.m.
A law professor running against U.S. Rep. Debbie Wasserman Schultz of South Florida says she is in the pocket of big banks and isn’t looking out for consumers who get crushed by debt from payday loans.
"My opponent, after taking hundreds of thousands of dollars from Goldman Sachs and other Wall Street banks, has voted to prevent the Consumer Financial Protection Bureau (CFTP) from regulating payday loans and addressing racial discrimination in car loans," said Tim Canova on his website.
Canova, a first-time candidate and professor at Nova Southeastern University, is challenging Wasserman Schultz in the August Democratic primary in a Broward/Miami-Dade district. The race has drawn national attention because Wasserman Schultz is the Democratic National Committee chair.
Read more:
http://www.politifact.com/florida/statements/2016/mar/30/tim-canova/debbie-wasserman-schultz-attacked-bank-donations-a/
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revbones
(3,660 posts)How about any of those posting things about not saying mean things like facts about people with a "D" behind their name?
Scuba
(53,475 posts)No shit, someone actually posted that.
revbones
(3,660 posts)
SammyWinstonJack
(44,130 posts)
polly7
(20,582 posts)Last edited Thu Mar 31, 2016, 08:40 AM - Edit history (1)
by Bill Quigley / March 7th, 2016
Here are six examples of billion dollar industries which are built on separating poor people, especially people of color, from their money, the reverse Robin Hood.
Check cashing businesses. Cash a $100 check? At Walmart that will be $3. At TD bank non-customers pay $5 to cash a check from their bank.
Nearly 10 million households containing 25 million people do not have any bank account according to the FDIC. Most because they did not have enough money to keep a minimum balance in their account.
Check cashing businesses are part of a $100 billion industry of more than 6,500 check cashing businesses in the US, many which also provide money orders, utility bill payments and the like, according to testimony provided to Congress by the industry.
~snip~
Payday loans are used by people over 15 million times a year and can lead to deep debt problems and usually involve incredible percentages of up to 391 percent according to the Consumer Financial Protection Bureau. Pew Charitable Trusts reported payday loans are a $7 billion dollar a year industry. The Federal Trade Commission won a $300 million case against two payday lenders who were deceiving borrowers, who, for example, took out a $300 loan thinking it could be repaid for $390 when, in fact, the lender was charging $975 to pay off the $300 loan. The US Department of Justice indicted former race car driver Scott Tucker on criminal charges for operating a $2 billion nationwide payday loan operation which routinely charged interest on loans for over 4.5 million people of 400 to 700% per year. The nation’s largest pay day loan company, Advance America, charged nearly 140,000 people in North Carolina annual percentage rates exceeding 450 percent until it was stopped by the state.
Debt collection
...... These are not just small companies but big names like Citigroup, Capital One, JPMorgan Chase, Bank of America and Wells Fargo; in fact, the Alliance for Just Society reported the big companies in debt collections have made nearly $100 million in contributions to federal candidates and parties since 2001 and another $280 million on federal lobbyists.
Citibank was sued twice by the federal CFPB over falsified documents and providing inaccurate information in debt collections and agreed to settle the case.
These businesses target families with incomes below $35,000 and people of color are three times more likely to receive abusive loans than whites. People with blemished credit are often passed over when seeking jobs.
There is some good news. Democrats created and passed into law the Consumer Financial Protection Bureau which is now beginning to gain some traction in monitoring and regulating these predatory practices. Bad news is that Republicans like Ted Cruz are trying to kill it and some Democrats are trying to hobble it. There are also good groups like the Center for Responsible Lending which provide excellent information on the abuses. But in the meantime making money off poor people remains a booming business.
Full article: http://dissidentvoice.org/2016/03/reverse-robin-hood-six-billion-dollar-businesses-preying-on-poor-people/
http://www.huffingtonpost.com/entry/debbie-wasserman-schultz-paylenders-cfpb_us_56d4ce38e4b03260bf77e8fc
think
(11,641 posts)polly7
(20,582 posts)
Divernan
(15,480 posts)Surely a lot of the AA group will post here, condemning Debbie & her BFF, Hillary!
Crickets!
appalachiablue
(41,146 posts)Tim Canova is challenging DWS, unbelievable!
Great avatar pic of SS, seen a couple lately and might adopt one too. She's terrific.
Seriously? A "Democrat" said that?
Fuck me.
Rex
(65,616 posts)All of the 5 people here that never have a single bad word about our party, ever.
litlbilly
(2,227 posts)tabasco
(22,974 posts)Please try to dig it up!
Scuba
(53,475 posts)tabasco
(22,974 posts)Scuba
(53,475 posts)
Gore1FL
(21,132 posts)
dchill
(38,505 posts)if the loans were low or no interest. HUGE font size on "IF."
Scuba
(53,475 posts)All of you who formerly thought you were progressive are now categorized as "fringe left."
think
(11,641 posts)Erose999
(5,624 posts)both of those.
Scuba
(53,475 posts)Dont call me Shirley
(10,998 posts)jwirr
(39,215 posts)
CharlotteVale
(2,717 posts)
Omaha Steve
(99,660 posts)Donate to Democratic Underground for Tim Canova FL-23 here: https://secure.actblue.com/contribute/page/du4timcanova
Fuddnik
(8,846 posts)Really.
INdemo
(6,994 posts)..Half of Obama's cabinet are Republicans..So he supports DWS a DNC chair that will steal,commit fraud,disenfranchise voters all for the sake of a cabinet position if Hillary should win...and if Hillary loses ..well DWS political career is finished.
Perhaps Obama will put her in charge of his library fund.
bvar22
(39,909 posts)...and his own claim that his policies are "moderate Republican Policies from the 80s."
Hmmm. Who was the Republican president in the 80s?
Rex
(65,616 posts)Yet the PTB still love here...blech...
intrepidity
(7,307 posts)It should be illegal to profit from people's illness and financial despair.
Fuck those who do it. Just fuck them six ways to Sunday.
katsy
(4,246 posts)Attack implies something criminal.
How about EXPOSED for supporting loan sharks.
mahannah
(893 posts)Scalded Nun
(1,236 posts)get the word out, far and wide. Get her out of office.
Dont call me Shirley
(10,998 posts)
Helen Borg
(3,963 posts)Amimnoch
(4,558 posts)hamstrings the existing regulator.
Are wallstreet banks actually in the payday loan business though? I know payday loan places are sleazy, and prey upon the most vulnerable members of society and should be eliminated more than regulated imo. I'd always seen those payday loan places as being much smaller fish in the business world than the big banks? Is this something the big wallstreet banks are involved with?
btw: Tim Canova 2016!
rladdi
(581 posts)Arizona, they overruled the voters who voted 80% to close them down, the Republicans passed bills to allow them to use other names and methods for loans. Some charge up to 600% interest on a loans. Most of the loans are made weekly to people who are working for minimum wages.
If Debbie actually thinks pay day loans are ok, she should be defeated in a minute. Where the heck is her brains? Well, I have been wondering the pass year.
Only the poor and underpaid workers are hurt by pay day loans since they cannot cash checks at a bank.
CrispyQ
(36,478 posts)The (D) brand is so tarnished it's hard to recognize the party anymore.
corbettkroehler
(1,898 posts)Open your wallet as I did, even if it's just a few dollars. He has momentum on his side.
Plucketeer
(12,882 posts)There's NO SEAT TOO HOT for DWS.
think
(11,641 posts)Trajan
(19,089 posts)Between Bernie and others, I'm getting a little tapped out, but I shake my pants upsidedown to find the hidden pennies ...
SwankyXomb
(2,030 posts)She must go!
blackspade
(10,056 posts)It's despicable.
It would be awesome to get her out of DC.
think
(11,641 posts)EndElectoral
(4,213 posts)
marmar
(77,081 posts)think
(11,641 posts)her constituents.
Land of Enchantment
(1,217 posts)Betrayers of the public's trust for their own selfish gains. WTF is this---in 2016?
