On February 11, the banking institutions and credit rating Subcommittee associated with House Financial Services Committee will hold a hearing entitled вЂњShort-term, Small Dollar Lending: the CFPBвЂ™s Assault on usage of Credit and Trampling of State and Tribal Sovereignty.вЂќ
In the event that you could not inform through the name alone, the hearing is certainly not meant shed any light from the debt trap numerous borrowers end up in after taking right out payday along with other short-term, high-interest loans. Instead, the payday lending industryвЂ™s allies in Congress are keeping this sham of the hearing to strike the customer Financial Protection Bureau (CFPB) since it prepares brand brand new guidelines to rein inside worst among these predatory loan providers.
Such as the people in Congress organizing the hearing, those being called to testify are allies associated with 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 share to their Nascent House Campaign significantly less than 3 Months Ago
Ace money Express is regarded as Six PACs to own provided to ZoellerвЂ™s Congressional Campaign to date
Thomas Miller: Scholar at Mercatus Center, a George Mason University Think Tank Founded and Funded because of the Koch Brothers
Thomas W. Miller Is A visiting scholar using the Mercatus Center at George Mason University.
вЂњThomas W. Miller, Jr., is a visiting scholar with the Mercatus Center at George Mason University, whoever scientific study targets foreclosures for the Project for the research of American Capitalism and a task on tiny buck loans for the Financial Markets Working Group. (more…)