This was a letter to Richard Cordray, Director of the Consumer Financial Protection Board. The signers specifically expressed concern with small dollar loans, popularly known as payday lending. These loans often carry 300 percent interest, and 80 percent of borrowers roll them over into still more onerous payday loans when they fail to pay the original one back. One in five borrowers default on those loans. Yes, they are a bane on the banking industry and cause harm to poor people.
So those who signed the letter to Cordray asked that a proposed CFPB rule implement stronger regulations for these lending institutions, such as requiring them to consider the borrower’s ability to pay and their loan history before making the loans. They also asked the CFPB to reconsider an exemption to the six-loan per year policy, further limiting the amount of loans borrowers can make in one year to less than the current six.
After reading the letter, I think it’s a good idea and agree with those who signed on. Unfortunately, Tim Kaine was not one of them. I think he should have been. I would be curious about why he didn’t. I will get back to that point in a minute.
But the other example of being anti-regulation was an entirely different issue. That involved a request to the CFPB to tailor its rules to community banks and credit unions and not to hold them to the same standards as large multinational investment banks, such as Goldman Sachs. This issue very specifically involves the so-called stress tests to make sure that large investment banks have enough liquidity to survive a banking crisis like the one that caused the economic meltdown in 2008. The letter writers pointed out that community banks and credit unions had nothing to do with that economic crisis or the practices that caused it. In fact, most of these banks play a unique role in their communities, serving the needs of small businesses and individual borrowers. They are neither national nor global in scope. They are regional and usually involved in their communities
http://bluevirginia.us/2016/07/tim-kaine-oppose-bank-regulation-huffpost-fail-get-whole-story
The "right to work" statement was in response to this,
It didn't get off to an auspicious start. For his secretary of the commonwealth—a position that hands out many plum patronage appointments—Kaine chose Danny LeBlanc, the head of the Virginia AFL-CIO and an opponent of the state's right-to-work law. Republicans voted LeBlanc down, and Kaine blew a gasket. He fumed at the " McCarthy-style politics" and warned that Republicans "are going to regret it."
http://reason.com/archives/2016/07/20/tim-kaine-the-affable-idealogue
He has expressed reservations about the TPP, as does Clinton.
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