Consumer Confidential: Why Is a Group of Lawmakers Working to Undermine Tighter Rules for the Payday Loan Industry?
In a bizarre display of bipartisan cooperation, a handful of Democratic lawmakers have joined Republicans in trying to cripple the Consumer Financial Protection Bureau. The question is: Why? Most notably, Florida Rep. Debbie Wasserman Schultz, who also serves as chairwoman of the Democratic National Committee, is co-sponsoring the deceptively titled Consumer Protection and Choice Act, which would undermine the watchdog agency’s...
Consumer Confidential: Why Is University of California Investing in Payday Lender Ace Cash Express?
The University of California makes money when American workers become trapped in endless cycles of high-interest debt. That’s because the university has invested millions of dollars in an investment fund that owns one of the country’s largest payday lenders, ACE Cash Express, which has branches throughout Southern California. ACE isn’t an upstanding citizen even by the bottom-feeding standards of its industry. In 2014, Texas-based ACE...
