The Distinguished Gentleman from Virginia Can Go Cheney Himself

Virginia Senator Mark Warner is proposing legislation vitiating state regulation of the predatory practices of payday lenders, because, without the ability to f%$# poor people, we won't see "innovation":

A little over a year ago, Sen. Mark Warner (D-Va.) addressed a small audience of political insiders at the Brookings Institution, one of the most prestigious think tanks in the nation’s capital. Times were changing, Warner told the crowd, and the old guard from Washington and Wall Street wasn’t keeping up with the needs of the modern workforce. The gig economy, outsourcing and automation had created an era of unprecedented “income volatility” for Americans. New financial technology firms had “an opportunity to bridge part of that new social contract,” to “lean forward and meet workers where they’re working.”

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A year later, that tomorrow has arrived. And the grand financial technology breakthrough, it turns out, is to help payday lenders sidestep basic consumer protection laws.


In late July, Warner introduced the ingeniously titled “Protecting Consumers’ Access to Credit Act of 2017.” The legislation would allow payday lenders to ignore state interest rate caps on consumer loans as long as they partnered with a national bank.

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Silicon Valley has been toying with the high-interest consumer loan market for a few years. LendingClub, Prosper, LendUp and other FinTech companies have been billing themselves as hip, savvy alternatives to payday loans or pricey credit cards. They typically partner with a bank to avoid regulatory costs, and they are just as eager to bypass state usury laws as are their more notorious competitors. LendingClub, in particular, insists it will not be able to help people lower their credit card bills if it has to abide by state usury caps (banks that issue credit cards are mostly exempt from those laws, after all).

Someone please primary this SOB.