Thread by @JohnnyBlkshrt

Payday lenders have spent over 1,000,000 at Trump properties.
1)In mid-March, the payday lending industry held its annual convention at the Trump National Doral hotel outside Miami.
The industry had felt under siege during the Obama administration is now feeling much much better.

2)This is the same Payday Loan industry that would charge a young single mother almost 2000 in a year in fees for an initial loan of $425.00.
The original loan must be paid back in full every two weeks and then the money is reborrowed. Many have numerous loans out at same time.

3)The hourly paid "managers" of these Payday Loan Branches jobs depend on how many customers they can get,how much in fees,how much they can get custs. to borrow.Every employee is expected to get maximum amounts or their jobs are at risk.

4)The inauguration of Donald Trump was a godsend for payday loaners. In 2011 Elizabeth Warren spearheaded the CFPB,a watchdog agency with real teeth. For the first time, the industry had come under federal supervision. Payday lending companies were suddenly subject to exarms.

5)Just as the CFPB started doing its job the Trump administration arrived with an agenda of undoing regulations.

Trump had the perfect man to take down the Obama era rules and the CFPB.

Mick Mulvaney.

6)Mick Mulvaney froze new investigations, dropped enforcement actions en masse, requested a budget of $0 .
After Mulvaney leaves,Kathy Kranninger is appointed.

In a hearing in March she is humiliated by Congresswoman Katie Porter when Kraninger cannot figure fees on a PD loan.

7)Payday loans are also much more expensive than other methods of borrowing money. In most cases, the annual percentage rate (APR) on a payday loan averages about 400%, but the APR is often as high as 5,000%.

I think this is a terrible problem for working families