Allied Progress Presents Its Set that is third of for the Payday Lender Hall of Shame

WASHINGTON, D.C. – Consumer advocacy organization Allied Progress unveiled its 3rd pair of nominees for the Payday Lender Hall of Shame while the Trump administration still plans to gut a crucial customer security up against the pay day loan debt trap. This week, the most truly effective executives at Spartanburg, Southern Carolina-based Advance America have actually guaranteed the honor.

A year, the question has to be asked again and again: Why are people like this getting lucrative special treatment from the Trump administration from a private jet-loving executive involved in nearly a $19 million settlement over his company’s illegally excessive interest rates, to a CEO who led employees to intimidate borrowers at their workplaces, to a VP who dismisses payday lending caps as “arbitrary” while acknowledging Advance America’s average customers take seven or eight payday loans?

Earlier in the day this thirty days, the Trump/Kraninger-controlled customer Financial Protection Bureau (CFPB) rolled site web away a proposition to undo a commonsense CFPB guideline from the Cordray-era needing payday and car-title loan providers to take into account a borrower’s ability-to-repay before generally making a loan that is high-interest. The floodgates will open for millions of consumers – particularly in communities of color – to fall into cycles of debt where borrowers take out new high-interest loans to pay off old loans, over and over again without this check in the system. It really is no coincidence that the Trump management is advancing a high concern associated with payday lender lobby following the industry donated over $2.2 million to Donald Trump’s inauguration and political committees and following the Community Financial Services Association Of America (CFSA), the payday industry’s national trade team, arrived on the scene at the beginning of and vocal help of Kathy Kraninger’s nomination to your CFPB.

Look at nominees that are previous the Payday Lender Hall of Shame HERE and HERE.

Patrick O’Shaughnessy Made Millions As CEO Of Advance America—But Their Salary Is No More Publicly Disclosed Because The Payday Lender Ended Up Being Bought By Way Of A Mexican Business In 2012.

CEO Patrick O’Shaughnessy Made $3 Million Last Year, The Very Last 12 Months Advance America Publicly Disclosed Its Financial Ideas.

Patrick O’Shaughnessy Made “$3 Million In Salary And Investment In 2011. ” “O’Shaughnessy, whom made $3 million in income and commodity last year, the just last year for which information is publicly available, chatted at length about Advance America’s clients. ” Chico Harlan, “How an industry that is scorned of intends to keep carefully the 400 % loan around, ”The Washington Post, 06/09/16

O’Shaughnessy Is President And CEO Of Payday Mortgage Lender Advance America. “‘More than four years back, Advance America and its particular industry lovers took the extreme and expensive action of suing federal regulators for wanting to cut down our access towards the U.S. Bank operating system, ’ said Patrick O’Shaughnessy, President and CEO of Advance America and seat regarding the CFSA Board of Directors. ” “Unsealed Government Documents Prove Federal Cover-Up In Operation Chokepoint, ” Community Financial Services Association of America, 10/12/18

O’Shaughnessy Also Chairs The Board Of Directors For the grouped community Financial Provider Association Of America (CFSA), The Payday Industry’s Trade Group. “Board Of Directors, ” Community Financial solutions Association of America, accessed 02/26/19

Advance America Had Been Bought By Way Of A Mexican Billionaire In 2012 And It Is Not Any Longer Necessary To File Public Financial Disclosures.

Advance America Ended Up Being Bought By “Mexican Billionaire” Ricardo Salinas Pliego For $780 Million In 2012. “Mexican billionaire Ricardo Salinas Pliego is starting for company when you look at the U.S.: their Grupo Elektra announced Monday morning its effective purchase of Advance America—the biggest payday lender in the U.S. Stockholders approved the $780 million price Grupo Elektra available in February, a figure that features all outstanding stocks for the US company and payment for the company’s debt. ” Erin Carlyle, “Mexican Billionaire Buys Advance America, Premier Payday Lender In U.S., ” Forbes, 04/23/12

Salinas Had Opened Banco Azteca In Mexico 10 Years before the Advance America Acquisition, Offering Loans At “50 To 60 per cent Interest Rates. ” “Ten years ago, Salinas exposed Banco Azteca branches inside his Elektra stores that are retail started providing economic solutions to Mexico’s bad. Lendees can sign up for credit buying a dishwasher, or even a loan that is personal pay money for medical expenses–at 50 to 60 per cent rates of interest. Demonstrably, those high rates that wouldn’t fly at banking institutions in the usa. However in Mexico, they’re pretty standard, when I published within my present mag tale on Salinas’ and Elektra. ” Erin Carlyle, “Mexican Billionaire Buys Advance America, Greatest Payday Lender In U.S., ” Forbes, 04/23/12

Advance America, Advance Loan Centers, Inc. Have Not Filed Any Disclosures Utilizing The Securities And Exchange Commission (SEC) Since February 14, 2013. Filings for Advance America, money Advance Centers, Inc. CIK#: 0001299704, U.S. Securities and Exchange Commission, accessed 02/26/19

“International businesses Are not necessary To File Disclosures Using The SEC, but some Do. ” “SEC Filings, ” Harvard Law School Library, accessed 02/27/19

Allied Progress Presents Its Set that is third of for the Payday Lender Hall of Shame

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Patrick O’Shaughnessy Made Millions As CEO Of Advance America—But Their Salary Is No More Publicly Disclosed Because The Payday Lender Ended Up Being Bought By Way Of A Mexican Business In 2012.

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