>>> NOW TO A SPECIAL REPORT TONIGHT ON POLICY AND PROFIT
ERIEING IN THE TRUMP ERA.
CONGRESS IS ALREADY PROBING INTO
DONALD TRUMP PUSHING HIS OWN
FLORIDA HOTEL TO HOST THE NEXT
G7 SUMMIT.
G7 SUMMIT. ANOTHER IN A SPRING OF EXAMPLES
FOR TRUMP TO PROFIT OFF HIS
GOVERNMENT JOB.
GOVERNMENT JOB. INDUSTRY GROUPS HAVE BEEN
FOLLOWING HIS LEAD.
TONIGHT WE FOCUS ON AN INDUSTRY
THAT’S GOTTEN QUITE A BIT LESS
ATTENTION THAN OTHERS THESE
DAYS.
DAYS. PAYDAY LENDERS.
PAYDAY LENDERS. THEIR LOBBYISTS HAVE SPENT
MILLIONS OF DOLLARS AT TRUMP’S
RESORTS SENDING TABS TO HIM
FEATURING STEAKS, SHRIMP, AND
THINGS AT THE BAR AND CHAMPAGNE
THAT COSTS $18 A GLASS.
MAYBE TO USE THE PHRASE IT’S
LIKE PARTYING LIKE BILL BARR,
WHICH IS WHAT YOU DO TO IMPRESS
PRESIDENT TRUMP.
PRESIDENT TRUMP. LET ME WALK YOU THROUGH THIS.
THE VERY MONTH BEFORE THESE
LOBBYISTS CONVENTION AT DORAL, A
TRUMP OFFICIAL RUNNING A KEY
PROTECTIONS BUREAU GUTTED
REGULATIONS THAT PROTECT
CONSUMERS, THAT PROTECT MOST
AMERICANS FROM POTENTIAL ABUSE
BY THESE SAME PAYDAY LENDERS.
THE TRUMP ADMINISTRATION ALSO
BACKING LENDERS IN A LAWSUIT
GUNNING FOR MANY OF THOSE SAME
PROTECTION RULES.
PROTECTION RULES. NOW, THIS IS ALL ABOUT HOW THESE
COMPANIES, FINANCIAL
COMPANIES, FINANCIAL INSTITUTIONS, TARGET VULNERABLE
LOWER INCOME PEOPLE WHO ARE
DESPERATE TO GET MONEY FAST.
>> WHEN WE SAY MONEY IN TIME, WE
MEAN MONEY WHEN YOU NEED IT.
>> PUT UP TO $10,000 IN YOUR
BANK ACCOUNT BY TOMORROW BASED
ON TRUSTING YOU WITH NO SECURITY
OF ANY KIND, JUST A CIGNASIGNATU
>> WHERE MONEY REALLY DOES GROW
ON TREES.
ON TREES. >> BUT IT DOESN’T GROW ON TREES.
YOU CAN SAY IT FALLS ON TREES
ALONG WITH VERY HEAVY BURDENS
FOR PAYING THAT MONEY BACK WHICH
IS WHY YOU MAY REMEMBER
ELIZABETH WARREN PROPOSED A PLAN
TO PROTECT THIS KIND OF ABUSE
AND THEN PRESIDENT TRUMP
EMBRACED IT.
EMBRACED IT. >> MILLIONS OF AMERICAN FAMILIES
ARE HEMORRHAGING MONEY RIGHT NOW
TODAY AND TOMORROW AND NEXT WEEK
ON TRICKS AND TRAPS AND CREDIT
PRODUCTS.
PRODUCTS. WE’RE GOING TO FIX THAT.
>> THE CONSUMER PROTECTION
FINANCIAL BUREAU WILL BE A
WATCHDOG FOR THE AMERICAN
CONSUMER CHARGED WITH ENFORCING
THE TOUGHEST FINANCIAL
PROTECTIONS IN HISTORY.
>> NOW, THAT WAS THE BUREAU THAT
PRESIDENT OBAMA TASKED WARREN TO
RUN.
RUN. REPUBLICAN SENATORS, THOUGH,
BLOCKED HER NOMINATION, WHICH
ACTUALLY IN A FOOTNOTE TO
HISTORY FREED UP HER TIME TO RUN
FOR OFFICE WHERE SHE DEFEATED A
REPUBLICAN SENATOR AND PAVED THE
WAY FOR HER CURRENT PRESIDENTIAL
CAMPAIGN.
CAMPAIGN. AS A SIDE NOTE IT’S ONE MITCH
McCONNELL STRATEGY THAT TOTALLY
FAKFIRED ON HIM.
IN THE MEANTIME YOU HAVE THESE
POLICIES THAT THE TRUMP
ADMINISTRATION IS TRYING TO
LIMIT THE BUREAU TO CONTINUE
THIS WORK THAT WARREN AND OBAMA
SAID WAS SO VITAL TO PROTECT SO
MANY AMERICANS.
MANY AMERICANS. THIS BORROWER HAS NO COLORS.
THEY PREY ON STATES RED AND
BLUE, THEY’VE SET OFF DEBT
CYCLES FOR MOST CONSUMERS.
80% ROLL OVER AND FORCE NEW
COSTS ON THE BORROWERS.
20 STATES HAVE MADE THE ABUSIVE
PAYDAYS ILLEGAL BUT 20 MILLION
MERNS GET CAUGHT UP IN THEM AND
IT GOES BACK TO THE LENDERS TO
THE TUNE OF $5 BILLION.
BIG PICTURE, THIS IS A CLASSIC
TEST OF WHETHER THE LAW PROTECTS
YOU REGARDLESS OF HOW MUCH MONEY
YOU HAVE.
YOU HAVE. WARREN HAS A VIEW.
SHE ARGUED THESE LENDERS SHOULD
NOT LOAN OUT WHAT THEY KNOW
PEOPLE CANNOT AFFORD TO PAY
BACK.
BACK. THE ARGUMENT IS THEY’RE USING
THEIR FINANCIAL POWER TO TRAP
YOU POTENTIALLY IN LOAN FEES
THAT ARE LARGER THAN THE
ORIGINAL LOANS THAT PEOPLE EVEN
ASK FOR.
ASK FOR. >> LIKE SO MANY AMERICANS,
PREACHER MARY LOVE KNOWS WHAT
IT’S LIKE TO BE TIGHT ON CASH,
SO WHEN SHE STARTED TO FALL
BEHIND ON HER RENT, SHE WENT FOR
A QUICK FIX.
THINGS QUICKLY SPIRALED OUT OF
CONTROL.
CONTROL. SHE SAID SHE COULDN’T REW E PAY
THE LOAN BECAUSE THE INTEREST
RIGHT WAS TOO HIGH FOR HER.
ON A $400 LOAN SHE PAID 1,240
ALONE.
ALONE. THAT’S NOT FAIR.
THE EXPERTS ARE TAKING ADVANTAGE
OF PEOPLE WHO SOMETIMES DON’T.
THIS IS THE KEY PART.
THIS IS WHAT MAKES PAYDAY LOANS
SO DANGEROUS.
SO DANGEROUS. EVEN A SMALL WHAT THEY CALL
PRINCIPAL WITH THIS HIGH
INTEREST RATE ADDS UP QUICKLY.
BECAUSE THE HIDDEN COSTS ARE
TRICKS, COUNTING WEEKS INSTEAD
OF YEARS, PEOPLE GET CONFUSED.
THIS IS A TRICK THAT DEMOCRATIC
CONGRESSWOMAN KATIE PORTER WAS
ILLUSTRATED WHEN SHE PICKED
PRESIDENT TRUMP’S PICK FOR THIS.
>> IF YOU COULD BALLPARK A LOAN
FOR A TERM OF TWO WEEKS WITH A
$20 ORIGINATION FEE AND A RATE
OF $10 PER $100, THAT IS 10%
BALLPARK WHAT IS THE APR?
>> AND I’M TELLING YOU THAT THE
APR --
APR -- >> IS THAT A NO?
>> IT’S A MATH EXERCISE.
>> HONEY --
>> WHEN AM I.
>> YOU’RE CLAIMING MY TIME.
I TAKE THAT AS A NO, YOU CANNOT
DO THE CALCULATION.
>> A NO THAT YOU CAN’T DO THE
CALCULATION.
CALCULATION. THAT LITTLE MOMENT WENT VIRAL
BECAUSE THE QUESTION EXPOSES THE
PROBLEM.
PROBLEM. IF THE EXPERTS OR TRUMP’S
APPOINTEE CAN’T EVEN SAY HOW
THESE LOANS WORK, THEN MAYBE
IT’S NOT FAIR TO TRAP PEOPLE IN
THEM AND THEN THREATEN THEM WITH
BANKRUPTCY FOR SOMETHING LENDERS
SHOULDN’T HAVE PUSHED IN THE
FIRST PLACE.
FIRST PLACE. NOW, THIS PROTECTION BUREAU IS
SUPPOSED TO CONTROL THAT KIND OF
ABUSE.
ABUSE. UNDER THE OBAMA DIRECTOR IT GOT
RESULTS TAKING $40 MILLION A
WEEK FROM THE FINANCIAL
INTERESTS AND PLOWING TOWARD
CONSUMERS.
CONSUMERS. THAT’S A FIGURE THAT ABSOLUTELY
CRASHED BY OVER 90% NOW THAT
TRUMP’S DIRECTOR IS IN CHARGE.
THE DIFFERENCE THERE, WELL, IT
OOH OVER $40 MILLION.
THAT’S WHAT THESE PAYDAY LENDERS
ARE CELEBRATING AT TRUMP’S
RESORT.
RESORT. WHAT’S A MILLION DOLLARS IN FEES
AND AN $18 GLASS OF SPARKING
WINE TO THE MILLIONS THESE
GROUPS ARE SAVING GETTING
EARNINGS BACK AS DONALD TRUMP IS
PROTECTING THEM.
PROTECTING THEM. THIS IS A SORRY SCENE.
THIS IS SIMPLY MILLIONAIRES
EXTRACTING MONEY FROM POOREST
AMERICANS FROM TRICKY LOANS THAT
SHOULDN’T HAVE BEEN OFFERED IN