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Allied Progress Presents Its Set that is third of when it comes to Payday Lender Hall of Shame

Allied Progress Presents Its Set that is third of when it comes to Payday Lender Hall of Shame

The Trump-Kraninger CFPB Really Wants To Help These Payday that is high-Flying Lender Get Also Richer At Cost of Vulnerable Customers

WASHINGTON, D.C. – Consumer advocacy company Allied Progress revealed its 3rd pair of nominees for the Payday Lender Hall of Shame whilst the Trump management nevertheless intends to gut a consumer that is critical contrary to the payday loan debt trap.This week, the most truly effective professionals at Spartanburg, Southern Carolina-based Advance America have actually secured 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 down a proposition to undo a commonsense CFPB guideline through the Cordray-era needing payday and car-title loan providers to take into account a borrower’s ability-to-repay prior to making a high-interest loan. 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’s no coincidence that the Trump management is advancing a premier concern of this payday lender lobby following the industry donated over $2.2 million to Donald Trump’s inauguration and governmental 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 into the CFPB.

Look at past nominees for 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 Had Been Bought With A Mexican Business In 2012.

CEO Patrick O’Shaughnessy Made $3 Million Last Year, the year that is last America Publicly Disclosed Its Financial Suggestions.

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

  • O’Shaughnessy Is President And CEO Of Payday Home Loan Company Advance America. “‘More than four years back, Advance America as well as its industry lovers took the extreme and expensive action of suing federal regulators for wanting to cut down our access to your U.S. bank system,’ said Patrick O’Shaughnessy, President and CEO of Advance America and seat associated with the CFSA Board of Directors.” “Unsealed Government Documents Prove Federal Cover-Up In Operation Chokepoint,” Community Financial solutions 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 Ended Up Being Bought By A Mexican Billionaire In 2012 And It Is No Further Necessary To File Public Financial Disclosures.

Advance America Had Been Bought By “Mexican Billionaire” Ricardo Salinas Pliego For $780 Million In 2012. “Mexican billionaire Ricardo Salinas Pliego is starting for company into the U.S.: their Grupo Elektra announced Monday morning its effective purchase of Advance America—the read this biggest payday lender in the U.S.Stockholders authorized the $780 million price Grupo Elektra available in February, a figure which includes all outstanding stocks associated with the US company and payment associated with 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 a decade Before The Advance America Acquisition, Providing Loans At “50 To 60 % Interest Prices.” “Ten years ago, Salinas exposed Banco Azteca branches inside their Elektra shops and started providing economic solutions to Mexico’s bad. Lendees can take out credit to get a dishwasher, or even a unsecured loan to purchase medical expenses–at 50 to 60 % interest levels. Demonstrably, those rates that are high wouldn’t fly at banking institutions in the us. However in Mexico, they’re standard that is pretty when I penned in my own current mag tale on Salinas’ and Elektra.” Erin Carlyle, “Mexican Billionaire Buys Advance America, Premier Payday Lender In U.S.,” Forbes, 04/23/12

Advance America, Cash Loan Centers, Inc. Has Not Yet Filed Any Disclosures Utilizing The Securities And Exchange Commission (SEC) Since 14, 2013 february. 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 class Library, accessed 02/27/19

Patrick O’Shaughnessy Claimed That Advance America “‘Will Never’” Depend On Fraudulent Or Prohibited Tactics Employed By “‘Scam Artists,’” Yet Their Company Is Fined For Loading Loans With Prohibited Charges And It Has Bought Its Employees To Intimidate Borrowers At Their Workplaces.

Patrick O’Shaughnessy Claimed That Advance America “‘Will Avoid Using The Sort Of Fraudulent And Prohibited Tactics Utilized By Ripoff Artists.’”

Patrick O’Shaughnessy Claimed, In Reaction To Report Of A Ripoff Involving Scammers Posing As Advance America Employees, That “‘Legitimate Short-Term Lenders Such As For Example Advance America … Will use the Kind never Of Fraudulent And Prohibited Tactics Used By Ripoff Artists.’” “Advance America, a provider that is national of loans along with other monetary solutions, has become alert to an innovative new wave of frauds focusing on customers in Tennessee. It was stated that scammers, posing as Advance America representatives, are selling residents that are local for a consolidation loan, something Advance America will not provide, in return for information that is personal such as for instance checking account figures, passwords and Social protection figures. These scam performers come in no real means associated with the organization. … ‘Scammers often make use of the standing of a genuine, respected company to con victims from their money,’ stated Patrick O’Shaughnessy, president and CEO of Advance America. ‘Legitimate short-term loan providers such as for instance Advance America are very managed at both hawaii and level that is federal won’t ever make use of the sort of fraudulent and unlawful strategies used by scam artists.’” Press Release, Advance America, 01/08/18

A California Regulator Settled With Advance America In 2018 For $160,000 After The Business Inappropriately Added Car Charges To Installment Loans.

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