Neon signs abound offering “Quick Cash” and “Easy Money.” Lenders make claims of “fast” solutions when a consumer needs to pay a bill or handle an emergency. Borrowers often end up paying triple-digit interest and fees.
South Carolina has been slow and ineffective at reigning in these predatory lenders, who prey on folks in their time of need and lead far too many to a never-ending cycle of debt
After five years of careful study, the Consumer Financial Protection Bureau finalized a rule earlier this year to minimize the damage these lenders do in our communities.
But then South Carolina’s own Mick Mulvaney, longtime friend to the payday industry, became director of the bureau. He immediately moved to halt this new rule.
Just last month Mulvaney limited the fine that went to consumers of Triton Management Group (Always Money in South Carolina). The $1,522,298 fine against Triton, representing undisclosed finance charges consumers paid, was suspended subject to Triton’s paying $500,000 to affected consumers.
This company will get a windfall, paid for by vulnerable consumers.
President Trump’s nominee to replace Mulvaney, Kathy Kraninger, will continue these anti-consumer policies. South Carolinians should contact our U.S. senators to oppose that nomination.
The State publishes a cross section of the letters we receive from South Carolinians in order to provide a forum for our community and also to allow our community to get a good look at itself, for good or bad. The letters represent the views of the letter writers, not necessarily of The State.