Patrick O’Shaughnessy could be the CEO of Advance America, one of many country’s biggest payday lenders. He is also seat associated with Board of Directors of Community Financial solutions Association of America (CFSA) вЂ“ the payday industry’s special interest trade team, that has a history when trying to block efforts in Washington and over the country to guard hard working families through the predatory practices of its user organizations.
The buyer Financial Protection Bureau (CFPB) handpicked O’Shaughnessy for a three-year term on its customer Advisory Board (you read that rightвЂ¦ Consumer Advisory Board).
At the time of their visit, CFPB Director Richard Cordray stated Advisory Board users would вЂњprovide valuable input to greatly help us better comprehend the consumer economic market.вЂќ The CFPB вЂ“ the us government agency faced with overseeing that market, including payday loan providers like O’Shaughnessy’s Advance America вЂ“ is considering brand brand new guidelines for the payday financing industry that will protect customers from predatory loan providers like O’Shaughnessy. Speak about a fox when you look at the hen home!
In the capability in the CFPB’s customer Advisory Board, O’Shaughnessy probably will head to bat for the passions for the lending industry that is payday. What is their look at the niche? Well for beginners, he believes regulators discriminate against payday loan providers. Really. As soon as banking institutions tightened their limitations on credit following the economic crisis, he attempted to swoop in and make use. More