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Allied Progress Presents Its 3rd group of Nominees for the Payday Lender Hall of Shame

Allied Progress Presents Its 3rd group of Nominees for the Payday Lender Hall of Shame

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

WASHINGTON, D.C. – Consumer advocacy company Allied Progress unveiled its third collection of nominees for the Payday Lender Hall of Shame because the Trump management nevertheless intends to gut a consumer that is critical contrary to the cash advance debt trap.This week, the most truly effective professionals at Spartanburg, Southern Carolina-based Advance America have actually guaranteed the honor.

From an exclusive jet-loving professional involved with almost a $19 million settlement over their business’s illegally excessive rates of interest, up to a CEO whom led workers to intimidate borrowers at their workplaces, up to a VP whom dismisses payday financing caps as “arbitrary” while acknowledging Advance America’s average customers simply take seven or eight pay day loans per year, the question has got to be expected over and over again: why are folks similar to this getting profitable unique therapy through the Trump management?

Early in the day this thirty days, the Trump/Kraninger-controlled Consumer 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 think about 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 really is no coincidence that the Trump management is advancing a premier concern regarding the lender that is payday after 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 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 Had Been Bought By A Mexican Business In 2012.

CEO Patrick O’Shaughnessy Made $3 Million In 2011, The Final 12 Months Advance America Publicly Disclosed Its Financial Suggestions.

Patrick O’Shaughnessy Made “$۳ Million In Salary And Investment In 2011.” “O’Shaughnessy, whom made $3 million in wage and investment 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 maintain the 400 % 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 and its own industry lovers took the extreme and high priced action of suing federal regulators for trying to cut our access off to your U.S. bank system,’ said Patrick O’Shaughnessy, President and CEO of Advance America and Chair 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 Town 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 With A Mexican Billionaire In 2012 And It Is No Further Expected To File Public Financial Disclosures.

Advance America Had Been Bought By “Mexican Billionaire” Ricardo Salinas Pliego For $780 Million In 2012. “Mexican new jersey payday loans without credit check billionaire Ricardo Salinas Pliego is opening for company into the U.S.: his Grupo Elektra announced Monday morning its successful purchase of Advance America—the biggest payday lender in the U.S.Stockholders authorized the $780 million price Grupo Elektra available in February, a figure that features all outstanding shares associated with the US company and payment of this company’s debt.” Erin Carlyle, “Mexican Billionaire Buys Advance America, Greatest Payday Lender In U.S.,” Forbes, 04/23/12

  • Salinas Had Opened Banco Azteca In Mexico 10 Years Before The Advance America Acquisition, Providing Loans At “۵۰ To 60 % Interest Prices.” “Ten years ago, Salinas started Banco Azteca branches inside his Elektra retail stores and started providing monetary solutions to Mexico’s poor. Lendees can sign up for credit to get a dishwasher, or perhaps a personal loan to buy medical expenses–at 50 to 60 % rates of interest. Demonstrably, those rates that are high wouldn’t fly at banking institutions in the usa. However in Mexico, they’re pretty standard, when I composed in my current mag tale on Salinas’ and Elektra.” Erin Carlyle, “Mexican Billionaire Buys Advance America, Largest Payday Lender In U.S.,” Forbes, 04/23/12

Advance America, Cash Loan Centers, Inc. Have Not 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 essential To File Disclosures because of the SEC, however, many Do.” “SEC Filings,” Harvard Law class Library, accessed 02/27/19

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

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

Patrick O’Shaughnessy Claimed, As A Result To Report Of A Ripoff Involving Scammers Posing As Advance America Workers, That “‘Legitimate Short-Term Lenders Such As For Instance Advance America … Will Avoid Using The Sort Of Fraudulent And Illegal Tactics Used By Ripoff Artists.’” “Advance America, a nationwide provider of small-dollar loans as well as other monetary solutions, has become alert to a unique revolution of frauds targeting customers in Tennessee. It’s been stated that scammers, posing as Advance America representatives, are selling residents that are local for a consolidation loan, an item Advance America will not provide, in return for information that is personal such as for instance bank account numbers, passwords and Social protection figures. These scam musicians have been in no real method associated with the organization. … ‘Scammers often utilize 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 example Advance America are very controlled at both their state and federal degree and won’t ever make use of the style of fraudulent and unlawful techniques used by scam artists.’” Press Launch, Advance America, 01/08/18

A California Regulator Settled With Advance America In 2018 For $160,000 After the ongoing company Inappropriately Added Car Fees To Installment Loans.

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