Today I learned: A leading payday loan CEO sits on the Consumer Finance Protection board.

[pa28]

That's fascinating. As we all know the CFPB was created to protect ordinary Americans from the predatory abuses of big banks.

Another key reason cited for it's creation were the legendary abuses of the payday lending industry. Their "financially innovative" payday loans resulted in 500%, 800% and more interest rate loans that locked in an increasing number of financially desperate Americans.

Well guess what? As it turns out Patrick O’Shaughnessy, the current CEO of Advance America is on the Consumer Advisory Board of the agency.

Right now the CFPB is drawing up new regulations for the industry and a reform group has taken issue with his presence.

From International Business Times

A fairness-in-lending advocacy group is targeting Advance America CEO J. Patrick O’Shaughnessy as part of a name-and-shame campaign directed at top financial industry executives. Of the six executives profiled by Americans for Payday Lending Reform so far, their latest target has a unique credential: He's also a member of the Consumer Financial Protection Bureau's consumer advisory board.

...............................

“It's hard to imagine how a someone who has made a career benefitting from high-interest lending will help usher in needed reforms if he thinks it will undercut his profit margin,” wrote Liz Ryan Murray, policy director of the left-leaning National People’s Action, which is producing the "Preyday Lenders" campaign. “And yet that seems to be exactly what the CFPB has asked him to do.”

More at the link:

http://www.ibtimes.com/payday-lending-reform-group-targets-member-consumer-protection-advisory-board-1717079

[Scuba]

1. How are people named to this board? Who put this guy on it?

[BrotherIvan]

2. You know, foxes and henhouses and all.

[WonderGrunion]

3. John Oliver did a great report on this

[sendero]

4. This sort of thing is..

... EVERYWHERE in our government, so I don't understand why anyone would be surprised.