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Allied Progress Presents Its 3rd collection of Nominees when it comes to Payday Lender Hall of Shame

The Trump-Kraninger CFPB Desires 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 3rd pair of nominees when it comes to 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 utmost 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?

Early in the day this thirty days, the Trump/Kraninger-controlled customer Financial Protection Bureau (CFPB) rolled away a proposition to undo a commonsense CFPB rule 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. Without this sign in the machine, the floodgates will start for scores of customers – especially in communities of color – to fall under rounds of financial obligation where borrowers sign up for brand new high-interest loans to settle old loans, again and again. It’s no coincidence that the Trump management is advancing a high concern associated with the lender that is payday 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.

Begin to see the 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 Ended Up Being Bought By A Mexican Business In 2012.

CEO Patrick O’Shaughnessy Made $3 Million Last Year, the year that is last 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 wage 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 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, cash for cars title loans Advance America and its particular industry lovers took the extreme and high priced action of suing federal regulators for wanting to cut our access off towards the U.S. bank system,’ said Patrick O’Shaughnessy, President and CEO of Advance America and seat associated with 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 Purchased By A Mexican Billionaire In 2012 And Is Not Any Longer 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 biggest payday lender in the U.S.Stockholders authorized the $780 million cost Grupo Elektra available in February, a figure that features all outstanding stocks of this US company and payment regarding the 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 Ahead Of The Advance America Acquisition, Providing Loans At “50 To 60 % Interest Prices.” “Ten years ago, Salinas launched Banco Azteca branches inside their Elektra stores and started providing economic solutions to Mexico’s bad. Lendees can sign up for credit to get a dishwasher, or a unsecured loan to buy medical expenses–at 50 to 60 per cent rates of interest. Demonstrably, those rates that are high wouldn’t fly at banking institutions in america. However in Mexico, they’re pretty standard, when I had written in my own current mag story on Salinas’ and Elektra.” Erin Carlyle, “Mexican Billionaire Buys Advance America, Greatest 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 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 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’” Count On Fraudulent Or Prohibited Tactics Employed By “‘Scam Artists,’” Yet His Company Is Fined For Loading Loans With Prohibited Charges And Has Now Purchased 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 Used 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 Illegal Tactics Used By Ripoff Artists.’” “Advance America, a provider that is national of loans as well as other economic solutions, has recently become conscious of a fresh revolution of frauds focusing on customers in Tennessee. It’s been stated that scammers, posing as Advance America representatives, are providing regional residents approval for the consolidation loan, an item Advance America doesn’t provide, in return for private information such as for instance bank account figures, passwords and Social protection figures. These scam performers are in no means connected to the organization. … ‘Scammers often make use of the trustworthiness 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 utilize the sort of fraudulent and unlawful strategies 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.