The head of the Democratic National Committee (DNC) just went to war with Senator Elizabeth Warren.
DNC Chair Debbie Wasserman Schultz has just signed on to the Republican legislation to block Sen. Warren's Consumer Financial Protection Bureau (CFPB) from cracking down on predatory payday lenders.
Meanwhile, under Rep. Wasserman Schultz's leadership, the DNC has raised over $6 million from the financial sector during the 2016 election cycle alone. And for her own campaign, she's raised hundreds of thousands of dollars from Wall Street banks like Goldman Sachs.
Is that a coincidence? I don’t think so.
Payday lenders are some of the shadiest financial industry scammers out there. They target poor and minority communities with interest rates so high, they would make a loan shark blush.
Including fees, payday loan borrowers are often charged interest rates that are over 400%, ensnaring borrowers in a long-term debt trap that they often can never escape.
This is unacceptable -- but there's a backlash underway, and SumOfUs members are joining the fight.
Will you chip in to help fight back?
More information
Center for Responsible Lending. 10 September 2013.
PolitiFact. 30 March 2016.
OpenSecrets. 9 May 2016.