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THREAD-How Payday Lenders Spent $1 Million at a Trump Resort—and Cashed In propublica.org/article/trump-… via @propublica
"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, as the federal government moved to clamp down."
"On the edge of the Doral’s grounds, as the payday convention began, a group of ministers held a protest pray-in, denouncing the lenders for having a feast while their borrowers 'suffer and starve.'
"But inside the hotel, in a wood-paneled bar under golden chandeliers, the mood was celebratory. Payday lenders, many dressed in golf shirts and khakis, enjoyed an open bar and mingled over bites of steak and coconut shrimp.
"They had plenty to be elated about. Kathleen Kraninger, who had just finished her 2nd month as director of the @CFPB, had delivered what the lenders consider an epochal victory: a proposal to gut a crucial rule that had been passed under her Obama-era predecessor."
"Now, the industry was taking credit for the @CFPB’s retreat. 'We should not forget that we have had some good fortune through recent regulatory and legal developments,' one industry lobbyist wrote....
"'These events did not occur by accident, but rather are due in large part to the unity and participation of CFSA members and a commitment to fight back against regulatory overreach by the CFPB.'”
