Donald Trump and his administration provide regular assistance to all creditors with salary payments due to weak deregulation. A company that cheated dozens of customers in 2017 helped finance the Trump’s inaugural committee.
Enova International is a large online lender that works with brands, like CashNetUSA and NetCredit. According to the Huff Post, Enova agreed to pay a large fine (about $3 million) of non-compliance with the loan extension terms. Customers also reported illegal withdrawals from their accounts. In 2017, the online lender contributed $25,000 to Trump’s presidential inaugural committee. Now, law enforcement agencies are investigating this fee as fraud and money laundering.
The liberal group Allied Progress said that the lender industry donated more than $900,000 to Donald Trump's inauguration in 2017 and for his re-election next year. Officials also claim that the Community Financial Services Association holds all conferences only at Trump hotels.
“Some parts of the federal creditors’ order will be repealed. But that doesn’t stop us from getting creditors working and their policies,”said Donald Trump.
Consumer advocates continue to argue that Trump destroyed the policy of dealing with creditors, which was lined up for several years by the previous president.
"I don’t understand why Washington treats 'bad' actors well. Why are they cheating on consumers and don’t pay more?" Lauren Saunders said.
“Predatory and cunning lenders have gained a lot of influence and this is a big problem,” Saunders added.
Officials also said that Enova International earned several million dollars by writing off money from customers' accounts without notifying them. Sometimes, an online lender charged bank charges of different sizes. Company representatives declined to comment. Democrats opposed Enova and other lenders, insisting on returning money to customers. A few years ago, the bureau carried out refunds (over $ 10 billion).
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