Wall Street Journal Reports Trump to End Payday Loan Rules

By: Jer Ayles at Trihouse. Alright, alright, alright!!!!!

The good news for those of us in the payday loan industry continues! Not only are valuations for payday loan stores already rising in conjunction with the payday loan publicly traded companies – check out Enova for example – but the phones are ringing off the hook, investors are looking for opportunities to collaborate with experienced operators, a major content development media company is planning a 6 part small dollar loan financial series, Elizabeth Warren is foaming at the mouth, our Payday Loan Startup Manuals are selling like hot cakes again, entrepreneurs are launching apps of all kinds, funding platforms requiring only a cell phone account for a borrower to receive their loan funds in 60 seconds [just one of MANY startups I’m collaborating with], performing portfolios for sale… and today the Wall Street Journal reported the following commentary by Committee chairman Rep. Jeb Hensarling (R., Texas), who is under consideration to become Treasury secretary in the Trump administration:

“Both rules were cleared by agencies, not Congress. Mr. Hensarling said the GOP would like to end recent rules on retirement advice and payday loans.”

NOTE: The destruction or “reconfiguration” of the CFPB or Frank-Dodd doesn’t mean a return to the dark ages for consumer financial services! Rather, it empowers entrepreneurs to continue to combine technology with money lending to build financial products that make sense for borrowers and lenders. These developments enable brick-n-mortar and FinTech lenders to compete for any borrower with a dream to launch their own business or successfully navigate a temporary, emergency financial challenge!

Jer Trihouse

Jer – Trihouse

WSJ – WASHINGTON—Congressional Republicans hope to scrap two contentious rules meant to rein in conflicted investment advice and payday lenders once President-elect Donald Trump takes office.

However, despite the Republicans’ big election victory that will keep both chambers of Congress under GOP control, the party’s path to legislating still faces the hurdle of a Democratic filibuster, among other factors

House Financial Services Committee Chairman Jeb Hensarling (R., Texas) said Wednesday that talks were being held with Mr. Trump about uprooting a Labor Department rule regulating how brokers sell retirement investments and a Consumer Financial Protection Bureau proposal aimed at holding down interest rates and increasing disclosures for small-dollar loans. Read More from the source: Wall Street Journal.

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