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

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

The Trump-Kraninger CFPB Desires To Assist These High-Flying Payday Lender Professionals Get Also Richer At Cost of loans on a car title 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 from the cash advance debt trap.This week, the utmost effective professionals at Spartanburg, South Carolina-based Advance America have actually guaranteed the honor.

From an exclusive jet-loving professional associated with almost a $19 million settlement over their business’s illegally excessive rates of interest, up to a CEO whom led workers to intimidate borrowers at their workplaces, up to a VP whom dismisses payday financing caps as “arbitrary” while acknowledging Advance America’s average customers simply take seven or eight payday advances per year, issue needs to be expected over and over: why are folks similar to this getting profitable special therapy through the Trump management?

Early in the day this month, 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 before you make a high-interest loan. The floodgates will open for millions of consumers – particularly in communities of color – to fall into cycles of debt where borrowers take out new high-interest loans to pay off old loans, over and over again without this check in the system. It’s no coincidence that the Trump management is advancing a premier concern of this lender that is payday following the industry donated over $2.2 million to Donald Trump’s inauguration and governmental committees and following the Community Financial Services Association Of America (CFSA), the payday industry’s national trade team, arrived on the scene in very early and vocal help of Kathy Kraninger’s nomination into the CFPB.

Start 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 Way Of A Mexican Company In 2012.

CEO Patrick O’Shaughnessy Made $3 Million Last Year, The Past 12 Months Advance America Publicly Disclosed Its Financial Information.

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 a scorned industry of lenders intends to keep carefully the 400 % loan around,”The Washington Post, 06/09/16

  • O’Shaughnessy Is President And CEO Of Payday Home Loan Company Advance America. “‘More than four years back, Advance America as well as its industry lovers took the extreme and expensive action of suing federal regulators for wanting to cut our access off into the U.S. bank system,’ said Patrick O’Shaughnessy, President and CEO of Advance America and seat of this CFSA Board of Directors.” “Unsealed Government Documents Prove Federal Cover-Up In Operation Chokepoint,” Community Financial solutions Association of America, 10/12/18
  • O’Shaughnessy Also Chairs The Board Of Directors For The City Financial Provider Association Of America (CFSA), The Payday Industry’s Trade Group. “Board Of Directors,” Community Financial Services Association of America, accessed 02/26/19

Advance America Ended Up Being Bought By A Mexican Billionaire In 2012 And It Is No Further Required 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 within the U.S.: their Grupo Elektra announced Monday morning its effective purchase of Advance America—the biggest lender that is payday the U.S.Stockholders authorized the $780 million cost Grupo Elektra available in February, a figure which includes all outstanding stocks associated with the US company and payment of this company’s debt.” Erin Carlyle, “Mexican Billionaire Buys Advance America, Premier Payday Lender In U.S.,” Forbes, 04/23/12

  • Salinas Had Opened Banco Azteca In Mexico Ten Years Ahead Of The Advance America Acquisition, Providing Loans At “50 To 60 % Interest Prices.” “Ten years ago, Salinas exposed Banco Azteca branches inside their Elektra stores and started providing economic solutions to Mexico’s bad. Lendees can sign up for credit to purchase a dishwasher, or a unsecured loan to pay money for medical expenses–at 50 to 60 % interest levels. Clearly, those rates that are high wouldn’t fly at banking institutions in the usa. However in Mexico, they’re standard that is pretty when I penned in my own current mag tale on Salinas’ and Elektra.” Erin Carlyle, “Mexican Billionaire Buys Advance America, Premier Payday Lender In U.S.,” Forbes, 04/23/12

Advance America, Advance 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 organizations Are not necessary 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 Utilized By “‘Scam Artists,’” Yet Their Company Is Fined For Loading Loans With Prohibited Costs And It Has Bought 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, As A Result To Report Of A Ripoff Involving Scammers Posing As Advance America Workers, That “‘Legitimate Short-Term Lenders Such As For Example Advance America … Will use the Kind never Of Fraudulent And Prohibited Tactics Used By Ripoff Artists.’” “Advance America, a provider that is national of loans as well as other monetary solutions, has become alert to a unique revolution of frauds focusing on consumers in Tennessee. It’s been stated that scammers, posing as Advance America representatives, are providing local residents approval for the consolidation loan, an item Advance America doesn’t offer, in return for private information such as for instance checking account numbers, passwords and Social protection figures. These scam musicians have been in no real method associated with the business. … ‘Scammers often utilize the standing of a genuine, respected company to con victims from their money,’ said Patrick O’Shaughnessy, president and CEO of Advance America. ‘Legitimate short-term loan providers such as for example Advance America are very controlled at both their state and federal level and won’t ever utilize the form of fraudulent and unlawful techniques utilized by scam artists.’” Press Release, Advance America, 01/08/18

A California Regulator Settled With Advance America In 2018 For $160,000 After The Business Inappropriately Added Automobile Charges To Installment Loans.

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