Leaked audio of payday loan manager bragging about access to White House reveals Trump’s top donors appreciate ‘quid pro quo’



“The president is committed to draining the swamp, instead it looks like he’s taking care of the alligators.”

Offer what an observer called “a perfectly clear picture of how money buys influence in American politics,” a leaked audio obtained Tuesday by consumer watchdog group Allied Progress showed executives at some of the largest payday lenders in the United States bragging about how they used campaign donations to buy access to President Donald Trump’s White House.

One of the audio clips posted by Allied Progress features Advance Financial founder and CEO Michael Hodges explaining how his donations to Trump’s presidential campaign gave him the power to contact the White House about policy changes. desired policy.

“It’s no surprise that payday lenders are tapping into President Trump’s penchant for counterparties, because it’s clearly working.”
—Derek Martin, Allied Progress

“When you go to talk to the administration throughout the campaign, they will listen to you,” Hodges said. “For example, I went to [Republican National Committee Chairwoman] Ronna McDaniel and said, “Ronna, I need help with something”, she could call the White House and say, “Hey, we have one of our big donors”. They need an audience. They want, they need to be heard. And you have to listen to them.

Hodges said the Trump White House “has been helpful on this particular rule that we’re working on right now,” apparently referring to an Obama-era Consumer Financial Protection Bureau (CFPB). regulation designed to prevent consumers from falling into the debt trap of high interest loans.

The CFPB, led by Trump appointee Kathy Kraninger, took the first steps towards abandoning the rule in February. Allied Progress said “the tow industry will reap more than $7 billion each year in costs from America’s most vulnerable communities” if the CFPB is successful in killing regulation.

Listen to Hodges’ remarks, which took place during a Sept. 24 webinar with a group of payday loan executives:

Max Wood of Borrow Smart Compliance, a consultant for the tow industry, said during the webinar that “the needle has turned in our favor” following Trump’s victory in the 2016 presidential election.

“President Trump is really the safety net,” Wood said.

In one declaration On Tuesday, Allied Progress director Derek Martin said the recordings depict “the worst in Washington, DC – wealthy executives buying off politicians so they can keep their predatory business model intact.”

“It’s no surprise that payday lenders are tapping into President Trump’s penchant for counterparties, because it clearly works,” Martin added. “The President and his CFPB team have no good reason to push millions more into 400% interest loans and the payday debt trap. They are only acting on the millions of bad reasons why payday lenders continue to contribute to his campaign, and the industry clearly feels emboldened by that.

“The president is committed to draining the swamp, instead it looks like he’s taking care of the alligators,” Martin said.





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