As the final days of the 2020 election season drew to a close, major media across the nation focused on polls and prospects for the presidential candidates. At the same time, scant news coverage reported on a development affecting 68 million consumers: debt collection regulation.
Every year the payday lending industry convenes in an effort to further expand and preserve the combined $8 billion-dollars in fees generated each year by consumers caught in that and car-title loans. This year, 2019, also marks the second consecutive year, that the organization representing sellers of these debt-trap loans, the Community Financial Services Association of America (CFSA), has held its event at the Trump National Doral resort in Miami.
In her first news conference as a Senate-confirmed Director of the Consumer Financial Protection Bureau (CFPB), Kathleen Kraninger’s remarks sounded a lot like Mick Mulvaney, her former boss at the Office of Budget and Management (OMB).