Payday lenders discussed raising money for Trump's campaign to fend off regulation
Billing himself as one of President Trump’s top fundraisers, Michael Hodges told fellow payday lenders recently that industry contributions to the president’s reelection campaign could be leveraged to gain access to the Trump administration.
“Every dollar amount, no matter how small or large it is” is important, Hodges, founder of Advance Financial, one of the country’s largest payday lenders, said during a 48-minute webcast, obtained by The Washington Post.
“For example, I’ve gone to Ronna McDaniel and said, ‘Ronna, I need help on something,’ ” Hodges said, referring to the chair of the Republican National Committee. “She’s been able to call over to the White House and say, ‘Hey, we have one of our large givers. They need an audience. … They need to be heard and you need to listen to them.’ So that’s why it’s important.”
The Sept. 24 webinar sponsored by Borrow Smart Compliance, an industry consultant, gives surprisingly frank insight into the payday lending industry’s strategy to push for weaker government regulations by forging a tight relationship with the Trump administration and the president’s campaign. The payday lending industry, made up of businesses that make short-term loans to consumers at high interest rates, is awaiting new rules that could weaken Obama administration requirements. Those rules include a requirement that the companies must ensure consumers can afford to repay the money they borrow.
https://www.washingtonpost.com/business/2019/10/29/payday-lenders-discussed-raising-money-trumps-campaign-fend-off-regulation-audio-reveals/?wpmk=1&wpisrc=al_trending_now__alert-economy--alert-politics--alert-national
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