SunSentinel Editorial: Wasserman Schultz wrong on payday loans

[n2doc]

by Sun Sentinel Editorial Board

Florida's congressional delegation is in rare bipartisan support on an issue. Unfortunately, it's the wrong issue.

The issue is the Consumer Financial Protection Bureau's plan to regulate payday loans. Since 7 percent of Floridians must resort to this predatory form of small-dollar credit — nearly the highest rate in the nation — the state delegation should back the push for regulation. Instead, Democrats and Republicans are backing the industry.

The issue has attracted local attention recently because Tim Canova, who is challenging U.S. Rep. Debbie Wasserman Schultz in the Democratic primary, has criticized the incumbent for her support of HR 4018. It would delay federal regulation for two years and could prevent federal regulation in states like Florida that have created rules for payday lenders. According to the Center for Responsive Politics, Wasserman Schultz has received $68,000 in contributions from payday lenders.

Rep. Dennis Ross, R-Lakeland, sponsored HR 4018, but Wasserman Schultz signed on as a co-sponsor. So did Rep. Patrick Murphy, who's running in the U.S. Senate Democratic primary. So did Rep. David Jolly, who's running in the Republican Senate primary.

more
http://www.sun-sentinel.com/opinion/editorials/fl-editorial-payday-loan-wasserman-schultz-20160422-story.html

[malaise]

1. Duh!

[Skwmom]

2. Conava should put up I-95 billboards naming her Ms. Payday Lender.

Heck, if he had a separate fundraiser for the billboards I am sure they would be fully funded.

[LiberalArkie]

3. Arkansas used to have a 10% max on any interest rate set by state law until the C came into office

Federal law delivered the death blow for Arkansas's usury limit in 1999. President Clinton signed the Gramm-Leach-Bliley Act into law, a section of which permitted local Arkansas banks to charge the greater of the state usury limit or the rate charged by an out-of-state bank with a branch in Arkansas.

"All our in-state banks could now basically import the rates of competing banks and now force that rate down the throat of consumers,” says Ken Clark, a Certified Financial Planner based in Little Rock, Ark.

"For all intents and purposes, the usury law in Arkansas with regard to credit cards has basically disappeared," he says.



Read more: http://www.bankrate.com/finance/credit-cards/credit-cards-trump-state-usury-law.aspx#ixzz46gRDcVMw
Follow us: @Bankrate on Twitter | Bankrate on Facebook

[gregcrawford]

7. The Clintons must have the best PR firm in creation...

... because the seemingly endless litany of obscene transgressions like this one don't appear to adversely affect his undeserved popularity. Of course, there is a faction that has decreed, "It doesn't matter what horrible things he's done; he's a Democrat, therefore you must genuflect." As Slick Willie was so fond of saying, that dog won't hunt!

[LiberalArkie]

8. It is just that us Democrats never believed the allegations that "the vast rightwing conspiracy" was

putting out. The Monica stuff lasted 8 years and over shadowed anything else that was said. If anyone said anything "it was just right wing conspiracy theory"

It will be a model (and was) of how to hide stuff from your followers.

I think GW put out the stuff about drugs and the skipping out on duty. Anyone said anything about him and it was "here they go again' Kind of like Reagan.

[gregcrawford]

9. True dat n/t

[silvershadow]

4. She has been wrong on everything lately and frankly I would like to see her step down. nt

[djean111]

5. Debbie Wasserman-DINO and Patrick Murphy (Dino-FL) -

won't support either one of them.
And if Debbie is a Democrat, then I am not a Democrat, so I will change my registration after the Aug. 30 primary, when I can vote for Grayson, who is running against Murphy.

[ciaobaby]

6. More of the same.....

Another example of democrats being bought and paid for. Between Hillary's cozy relationship with wall street and corporate america, Wasserman Schultz taking $68,000 from payday lenders, Patrick Murphy lining up behind Debbie, not to mention all the D's who are now lobbyists. I don't know this democratic party and really don't want to.
And one of the big digs at Bernie is that he is not a Democrat - could be a good thing.

[Admiral Loinpresser]

10. Support DWS primary challenger Tim Canova,

right here:

https://timcanova.com/

I hope we can beat this Mother fracker!

[edhopper]

11. Headline just need to read

Wasserman Schultz Wrong