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Re: Trumps Consumer Fin. Prot. Czar Can't Do Math

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CFPB.png

 

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Re: Trumps Consumer Fin. Prot. Czar Can't Do Math

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@GailL1 wrote:

@mickstuder 

 

It is not the responsibility of the CFPB to figure the ARP unless they are the ones scrutinizing this type of loan for themselves.

 

Nobody is having a gun pointed at their head to sign on the dotted line of ALL the many pages of disclosure with the APR and the payment terms and conditions plainly shown.

 

Seems to me, it is our educational system or the people themselves that have failed those who sign upon the dotted line for one of these HIGH RISK loans.

 

I don't need the government to tell me about my finances.  I am a big girl and I can add, subtract, multiply and divide.  I also know what I can reasonably do with my income and expenses.

 

If somebody needs a pay-day loan, they need to scrutinize their budget and either bring in more money or cut expenses.  

 

You know, mickstudder, I know working people that do not have a bank account and they go to those cash checking places and pay an exorbitant fee just to get their checks cashed.  Then some of them, walk right over and buy or load their cash onto one of those VISA/ MasterCard or the like gift cards to use for their bill paying.  They use these to pay their monthly bills and each time, the receipient of the money charges them a fee for utilizing that payment method.

 

Personally, I think instead of putting all this emphasis on what is being charged by these lending place, our governents efforts should be directed at the consumer - then perhaps the consumer would get the incite to start paying attention.

 

An ARP means nothing when you cannot collect even a penny.

 


NOPE

 

The CFPB is "the government agency that makes sure banks, lenders, and other financial companies treat you fairly," according to its website.

 

This freshman class in the House of Represenatives has so much going for it beyond what seems to dominate the headlines, and that needs to change.

 

Here we have California Democratic Rep. Katie Porter using her time masterfully to expose the ignorance of Trump-appointed Kathy Kraninger, Director of the Consumer Financial Protection Bureau.

 

It is the Responsibility of CFPB to figure out APR

 

The Bureau is tasked with making sure people understand the fine print that explains the risks involved in using these services, and ensuring the banks, credit unions, and other financial companies that provide them play by the rules.

 

CFPB is responsible for protecting Americans from Predatory Lenders & their Illegal Practices

 

If the Head of this Agency - A Trump Hire - even with the assistance of a Calculator cannot figure out the APR on a Pay Day Loan of $200 for a term of 14 days with a $20 charge added in as part of the fees & interest.............how are they going to determine if these Loan Sharks are following Federal Guidelines & are not ripping off People who unlike others did not hit the DNA IQ Lottery or have the opportuntity to be a Professional Student?

 

It was a Simple Question & one Director Kraninger could not answer - as another Trump Appointee is exposed as a Fraud - lacking even the most basic skills required to even work in the Agency they are being Paid by US Tax Payers to perform in - NEVER MIND BEING HIRED TO LEAD IT

 

1. Question: asked CFPB Director Kathy Kraninger to explain the difference between an interest rate and an annual percentage rate.

 

Answer: “The APR is the extrapolation if it were a one year term, in terms of the loan,” Kraninger responded at a House Financial Services Committee hearing. 

 

2. “The APR is derived from the finance charge, the amount financed and the payment schedule. It’s a mathematical transformation of those three numbers into the cost of credit expressed at a yearly rate,” Porter said quoting the textbook. Kraninger admitted that her response was “a simplification.”

 

“My concern is whether you know well, ma’am, because you are the one responsible for making sure that American consumers know well when they take on loans,” Porter said.

 

3. So how is it that the Director of the agency cannot even explain what APR financing is? Or refuses to under oath in a Congressional hearing?

 

Why, when asked multiple times by Rep. Porter, did she not explain that a $200 loan with a 10% APR would cost $520? It's 260% of the loan. Plus the $20 origination fee. So a $200 loan would cost you an additional $540, in addition to the $200 you'd need to pay back.

 

So, in 2 weeks, when payday came around, you'd need $740 of it to go back to that lender. 

 

$740 DOLLARS FOR BORROWING $200 FOR 2 WEEKS

 

Source - https://www.marketwatch.com/story/cfpb-director-gets-pressed-on-whether-she-can-calculate-apr-2019-0...

 

https://crooksandliars.com/2019/03/katie-porter-another-freshman-dem-star-0

 

 

 

 

( " China if You're Listening - Get Trumps Tax Returns " )

" )
" - Anonymous

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Re: Trumps Consumer Fin. Prot. Czar Can't Do Math

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@mickstuder wrote:

 

Katie Porter.png

Video Here - https://twitter.com/i/status/1105302493901320192

 

Source - https://twitter.com/RepKatiePorter

 

 


Typical tRumper -  ignorant and not particularly capable in the field she's supposed to have knowledge and competence in...

 

Same with Ben Carson, and Betsy DeVos...

 

Then there's Sirrah Huckstering Slanders - there has been a question raised regarding the possibility that she might not be able to tell the truth to save her life...

 

Out in the real world people like that could never pass vetting scrutiny as well as the initial job interview - however in tRump world - for tRump appointees - that's an all day every day kind of thing...

 

 

44>dolt45
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@mickstuder 

 

It is not the responsibility of the CFPB to figure the ARP unless they are the ones scrutinizing this type of loan for themselves.

 

Nobody is having a gun pointed at their head to sign on the dotted line of ALL the many pages of disclosure with the APR and the payment terms and conditions plainly shown.

 

Seems to me, it is our educational system or the people themselves that have failed those who sign upon the dotted line for one of these HIGH RISK loans.

 

I don't need the government to tell me about my finances.  I am a big girl and I can add, subtract, multiply and divide.  I also know what I can reasonably do with my income and expenses.

 

If somebody needs a pay-day loan, they need to scrutinize their budget and either bring in more money or cut expenses.  

 

You know, mickstudder, I know working people that do not have a bank account and they go to those cash checking places and pay an exorbitant fee just to get their checks cashed.  Then some of them, walk right over and buy or load their cash onto one of those VISA/ MasterCard or the like gift cards to use for their bill paying.  They use these to pay their monthly bills and each time, the receipient of the money charges them a fee for utilizing that payment method.

 

Personally, I think instead of putting all this emphasis on what is being charged by these lending place, our governents efforts should be directed at the consumer - then perhaps the consumer would get the incite to start paying attention.

 

An ARP means nothing when you cannot collect even a penny.

 

* * * * * * It’s Always Something - Roseanne Rosannadanna
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Trumps Consumer Fin. Prot. Czar Can't Do Math

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Katie Porter.png

Video Here - https://twitter.com/i/status/1105302493901320192

 

Source - https://twitter.com/RepKatiePorter

 

 

( " China if You're Listening - Get Trumps Tax Returns " )

" )
" - Anonymous

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