Allied Progress Presents Its Set that is third of for the Payday Lender Hall of Shame

The Trump-Kraninger CFPB Really Wants To Assist These High-Flying Payday Lender Professionals Get Also Richer At Expense of Vulnerable Customers

WASHINGTON, D.C. – Consumer advocacy company Allied Progress unveiled its third group of nominees when it comes to Payday Lender Hall of Shame while the Trump management still intends to gut a crucial customer security resistant to the pay day loan debt trap.This week, the most truly effective professionals at Spartanburg, South Carolina-based Advance America have actually guaranteed the honor.

From a personal jet-loving administrator tangled up in almost a $19 million settlement over their business’s illegally excessive rates of interest, to a CEO who led workers to intimidate borrowers at their workplaces, to a VP whom dismisses payday financing caps as “arbitrary” while acknowledging Advance America’s average customers simply take seven or eight pay day loans per year, the question has got to be expected over repeatedly: why are folks similar to this getting profitable unique therapy through the Trump management?

Early in the day this thirty days, the Trump/Kraninger-controlled customer Financial Protection Bureau (CFPB) rolled down a proposition to undo a commonsense CFPB guideline through the Cordray-era needing payday and car-title loan providers to take into account 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 really is no coincidence that the Trump administration is advancing a premier concern associated with the payday lender lobby 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 in very early and vocal help of Kathy Kraninger’s nomination towards the CFPB.

Start to see the nominees that are previous the Payday Lender Hall of Shame HERE and HERE.

Patrick O’Shaughnessy Made Millions As CEO Of Advance America—But His Salary Is No More Publicly Disclosed Because The Payday Lender Had Been Bought By A Mexican Business In 2012.

CEO Patrick O’Shaughnessy Made $3 Million Last Year, the year that is last America Publicly Disclosed Its Financial Suggestions.

Patrick O’Shaughnessy Made “$3 Million In Salary And Investment In 2011.” “O’Shaughnessy, whom made $3 million in income and stock options last year, the a year ago for 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 per cent loan around,”The Washington Post, 06/09/16

• O’Shaughnessy Is President And CEO Of Payday Mortgage Lender 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 trying to cut down our access towards 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. https://online-loan.org/title-loans-wy/ “Board Of Directors,” Community Financial solutions Association of America, accessed 02/26/19

Advance America Had Been Bought By Way Of A Mexican Billionaire In 2012 And It Is No Further Necessary 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 when you look at 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 approved the $780 million cost Grupo Elektra available in February, a figure that features all outstanding stocks associated with US company and payment associated with the company’s debt.” Erin Carlyle, “Mexican Billionaire Buys Advance America, Greatest Payday Lender In U.S.,” Forbes, 04/23/12

• Salinas Had Opened Banco Azteca In Mexico 10 Years Ahead Of The Advance America Acquisition, Providing Loans At “50 To 60 % Interest Rates.” “Ten years ago, Salinas exposed Banco Azteca branches inside their Elektra stores that are retail began providing monetary solutions to Mexico’s poor. Lendees can sign up for credit buying a dishwasher, or perhaps a unsecured loan to pay money for medical expenses–at 50 to 60 per cent interest levels. Clearly, those rates that are high wouldn’t fly at banking institutions in america. However in Mexico, they’re standard that is pretty when I published during my current mag tale on Salinas’ and Elektra.” Erin Carlyle, “Mexican Billionaire Buys Advance America, Greatest Payday Lender In U.S.,” Forbes, 04/23/12

Advance America, Advance Loan Centers, Inc. Has Not Yet 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 Companies Are not necessary To File Disclosures because of the SEC, but some 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 Employed By “‘Scam Artists,’” Yet Their Company Is Fined For Loading Loans With Prohibited Charges And Has Now Purchased Its Employees To Intimidate Borrowers At Their Workplaces.

Patrick O’Shaughnessy Claimed That Advance America “‘Will use the Kind never Of Fraudulent And Prohibited Tactics Utilized By Ripoff Artists.’”

Patrick O’Shaughnessy Claimed, As A Result To Report Of A Fraud Involving Scammers Posing As Advance America Workers, That “‘Legitimate Short-Term Lenders Such As For Instance Advance America … Will use the Kind never Of Fraudulent And Prohibited Tactics Utilized By Scam Artists.’” “Advance America, a provider that is national of loans as well as other monetary solutions, has become alert to a unique revolution of scams focusing on customers in Tennessee. It is often stated that scammers, posing as Advance America representatives, are selling regional residents approval for a consolidation loan, an item Advance America will not provide, in return for private information such as bank account figures, passwords and Social protection figures. These scam designers have been in no real means connected to the organization. … ‘Scammers often make use of the trustworthiness of a genuine, respected company to con victims from their money,’ stated Patrick O’Shaughnessy, president and CEO of Advance America. ‘Legitimate short-term loan providers such as for example Advance America are very managed at both their state and level that is federal will not make use of the type of fraudulent and unlawful techniques used by scam artists.’” Press Launch, Advance America, 01/08/18

A California Regulator Settled With Advance America In 2018 For $160,000 After the ongoing company Inappropriately Added Car Charges To Installment Loans.