new director of the Consumer Financial Protection Bureau (#CFPB) making an official public statement in favor of #SoLoFunds, a peer to peer payday lender that operated w/out a license and connected desperately poor people to loans charging 2,000% interest.

https://x.com/russvought/status/1893732780527276236

live look at #a16z’s #MarcAndreessen after killing off the Consumer Financial Protection Bureau (#CFPB), making sure americans will be paying extortionate junk fees and usurious interest rates on payday loans in addition to having zero protection from crypto scams:

there's some looming enactment dates for #CFPB rules against usurious payday lending that the administration can't undo at this point which prolly explains why #DOGE is in such a rush to just demolish the agency. @LawandChaosPod gets into it ca. 51:00

https://www.youtube.com/watch?v=EkHXi0MJc_o

Reading this story about new #paydaylending methods and the people who live paycheck-to-paycheck is super depressing.

These aren't the pejorative "burger flippers" but people working in offices, health care and manufacturing.

Or in other words: every US worker.

https://apnews.com/article/earned-wage-access-costs-payday-loans-9679d1bd09546d12074e0f27e23f0632

#PaydayLenders Gave Millions to #GOP Group That Backed #SupremeCourt Suit to Annihilate #CFPB, this case that could lead to the elimination CFPB
The #Republican #AttorneysGeneral Association (#RAGA) fought to help a Supreme Court case against the Consumer Finance Protection Bureau. Despite widespread approval among Republican voters to regulate or prohibit #paydaylending, Republican officials in more than 20 states are backing industry groups in the #lawsuit.
https://theintercept.com/2023/08/30/payday-lenders-supreme-court-cfpb-republicans/