Trump Appointees Revive Payday Lending To Exploit Newly Unemployed

New unemployment claims reached 22 million on Thursday while the Trump administration is helping banks and financial institutions fleece out-of-work Americans and those who could lose their jobs because of Trump’s pandemic.

The Consumer Financial Protection Bureau, the agency set up to protect consumers but has been neutered by Trump and other financial agencies, are telling banks they can practice “responsible small-dollar lending” or payday loans in areas affected by the coronavirus.

“This is the worst possible time for banks to make predatory payday loans,” said a group of consumer organizations including the National Consumer Law Center and the NAACP. “Government regulators have opened the door for banks to exploit people, rather than to help them.”