Allied Progress Presents Its Set that is third of when it comes to Payday Lender Hall of Shame

The Trump-Kraninger CFPB Would Like To Assist These Payday that is high-Flying Lender Get Also Richer At Cost of Vulnerable Customers

WASHINGTON, D.C. – Consumer advocacy company Allied Progress unveiled its 3rd pair of nominees for the Payday Lender Hall of Shame because the Trump management still intends to gut a crucial customer security contrary to the pay day loan debt trap.This week, the most notable professionals at Spartanburg, Southern Carolina-based Advance America have actually secured the honor.

From an exclusive jet-loving administrator tangled up in almost a $19 million settlement over their business’s illegally excessive interest levels, up to a CEO whom led employees to intimidate borrowers at their workplaces, to a VP whom dismisses payday lending caps as “arbitrary” while acknowledging Advance America’s average customers simply take seven or eight payday advances a 12 months, issue needs 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 requiring payday and car-title lenders to take into account a borrower’s ability-to-repay before you make a high-interest loan. Without this sign in the machine, the floodgates will open for an incredible number of consumers – especially in communities of color – to get into rounds of financial obligation where borrowers sign up for brand new high-interest loans to repay old loans, again and again. It really is no coincidence that the Trump management is advancing a high 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 at the beginning of and vocal help of Kathy Kraninger’s nomination towards 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 Purchased By Way Of A Mexican Business In 2012.

CEO Patrick O’Shaughnessy Made $3 Million Last Year, The Past 12 Months Advance 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 commodity last year, the year that is last which information is publicly available, chatted at size about Advance America’s clients.” Chico Harlan, “How an industry that is scorned of intends to maintain the 400 per cent 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 and its particular industry lovers took the extreme and costly action of suing federal regulators for wanting to cut our access off towards the U.S. bank system,’ said Patrick O’Shaughnessy, President and CEO of Advance America and seat associated with the 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 grouped community Financial Provider Association Of America (CFSA), The Payday Industry’s Trade Group. “Board Of Directors,” Community Financial solutions Association of America, accessed 02/26/19

Advance America Had Been Bought With A Mexican Billionaire In 2012 And It Is No Further Expected To File Public Financial Disclosures.

Advance America Ended Up Being Bought By “Mexican Billionaire” Ricardo Salinas Pliego For $780 Million In 2012. “Mexican billionaire Ricardo Salinas Pliego is opening 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 authorized the $780 million price Grupo Elektra available in February, a figure which includes all outstanding shares regarding the US firm and payment associated with the 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 10 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 that are retail started providing economic solutions to Mexico’s bad. Lendees can sign up for credit to purchase a dishwasher, or a personal bank loan to buy medical expenses–at 50 to 60 % rates of interest. Demonstrably, those high prices that wouldn’t fly at banking institutions in america. However in Mexico, they’re standard that is pretty when I penned within 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, Cash Loan Centers, Inc. Have Not Filed Any Disclosures Utilizing The Securities And Exchange Commission (SEC) Since 14, 2013 february. Filings for Advance America, money Advance Centers, Inc. CIK#: 0001299704, U.S. Securities and Exchange Commission, accessed 02/26/19

• “International businesses Are not essential 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’” Depend On Fraudulent Or Prohibited Tactics Utilized By “‘Scam Artists,’” Yet Their Company Is Fined For Loading Loans With Illegal Costs And Has Now Purchased Its Employees To Intimidate Borrowers At Their Workplaces.

Patrick O’Shaughnessy Claimed That Advance America “‘Will Avoid Using The Type Of Fraudulent And Prohibited Tactics Utilized By Ripoff Artists.’”

Patrick O’Shaughnessy Claimed, In Reaction To Report Of A Fraud Involving Scammers Posing As Advance America Employees, That “‘Legitimate Short-Term Lenders Such As For Example Advance America … Will Avoid Using The Type Of Fraudulent And Prohibited Tactics Utilized By Ripoff Artists.’” “Advance America, a provider that is national of loans along with other economic solutions, has become conscious of a unique revolution of frauds focusing on customers in Tennessee. It is often stated that scammers, posing as Advance America representatives, are selling residents that are local for a consolidation loan, something Advance America doesn’t provide, in return for information that is personal such as for instance bank account figures, passwords and Social protection figures. These scam music artists have been in no means connected to the business. … ‘Scammers often use the standing 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 won’t ever make use of the sorts of fraudulent and illegal techniques utilized 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 Motor Vehicle Charges To Installment Loans.