Payday Lenders at Doral and the CFPB Rule Reversal
What happened
promisedocumented Trump campaigned on reducing special-interest influence in Washington.
- Roll Call Factbase: Donald Trump Vlog: Self Funding2016-01-27 · Full transcript; statement that the campaign was totally self-funded
actionreported The payday-lending industry held a conference at Trump National Doral while the CFPB was reconsidering its underwriting rule.
- Citizens for Responsibility and Ethics in Washington: Special interest groups likely spent more than $13 million at Trump properties2020-10-30 · Payday-lender conference and CFPB rule chronology; express causation limitation
outcomedocumented The CFPB finalized a rule revoking the mandatory underwriting provisions of the 2017 payday rule.
- Consumer Financial Protection Bureau: Payday, Vehicle Title, and Certain High-Cost Installment Loans: Revocation Rule2020-07-22 · Revoked mandatory underwriting provisions and effective date
limitationreported The watchdog source expressly treated the sequence as evidence of a conflict risk rather than proof that the conference caused the rule.
- Citizens for Responsibility and Ethics in Washington: Special interest groups likely spent more than $13 million at Trump properties2020-10-30 · Payday-lender conference and CFPB rule chronology; express causation limitation
People and organizations
- Payday-loan borrowersaffected party
- Payday-lending trade association and attendeesbeneficiary
- Trump National Doralbeneficiary
- Payday-lending trade association and attendeespayer
- Trump National Doralrecipient
Assessment
The industry's patronage of a Trump property and the CFPB reversal are documented, but the causal link is not established and the rule had an administrative record independent of the conference venue.