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Payday lenders scrutinized for funneling cash to super PACs
Source: USA Today
Payday lenders scrutinized for funneling cash to super PACs
By Gregory Korte, USA TODAY
Updated 36m ago
WASHINGTON – Major payday lending companies and their owners contributed more than $250,000 last month to a super PAC supporting Mitt Romney for president, federal reports show.
The contributions to Restore Our Future come from some of the largest players in the industry, which is coming under increasing scrutiny from federal regulators. The Consumer Financial Protection Bureau, created by Congress in 2010, recently released its examination manual.
"They've never been subject to federal supervision before," said Jean Ann Fox of the Consumer Federation of America, an industry critic. "The industry has always written big checks for state-level fights, but now the federal government is suddenly much more important."
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The new contributions from seven payday lenders are noteworthy in that they come directly from the firm's corporate accounts. Those corporate contributions were made legal by Supreme Court cases as long as they go to independent expenditure groups that do not directly coordinate with the candidate.
[font size=1]-snip-[/font]
By Gregory Korte, USA TODAY
Updated 36m ago
WASHINGTON – Major payday lending companies and their owners contributed more than $250,000 last month to a super PAC supporting Mitt Romney for president, federal reports show.
The contributions to Restore Our Future come from some of the largest players in the industry, which is coming under increasing scrutiny from federal regulators. The Consumer Financial Protection Bureau, created by Congress in 2010, recently released its examination manual.
"They've never been subject to federal supervision before," said Jean Ann Fox of the Consumer Federation of America, an industry critic. "The industry has always written big checks for state-level fights, but now the federal government is suddenly much more important."
[font size=1]-snip-[/font]
The new contributions from seven payday lenders are noteworthy in that they come directly from the firm's corporate accounts. Those corporate contributions were made legal by Supreme Court cases as long as they go to independent expenditure groups that do not directly coordinate with the candidate.
[font size=1]-snip-[/font]
Read more: http://www.usatoday.com/news/politics/story/2012-03-20/romney-super-pac-payday-lenders/53675166/1
