New coverage released today reveals that Ted Budd “repeated on the payday lenders side‘ and in return ‘kept filling his campaign coffers.” Despite North Carolina’s payday loan ban, Budd has consistently voted for laws that would ban predatory lenders and their “exploitative tactics.” In May 2017, Budd even received industry donations.”within days of a key vote‘ which would allow payday lenders to charge consumers higher interest rates.
Learn more about Budds “History of taking sides with his donors about his North Carolina constituents.”
American Independent: GOP Senate candidate Ted Budd sided with payday lenders when he accepted their PAC donations
- Republican Senate candidate from North Carolina, Ted Budd, has consistently sided with him predatory lenders and the payday loan industry, although payday loans are banned in his state. The industry has rewarded him with thousands of dollars in campaign contributions.
- He has consistently supported lenders who prey on low-income people with abusive repayment terms and exploitative tactics, practices that have been illegal in North Carolina for more than 20 years.
- In March 2018, Budd signed as co-sponsor an attempt to overturn a Consumer Financial Protection Bureau rule that cracks down on payday, auto title and other expensive loans.
- in the July 2020 and back in February 2021Budd introduced a Freedom from Regulations Act that would have restricted the actions of independent agencies, including the Consumer Financial Protection Bureau.
- As Budd repeatedly sided with the payday lenders, the payday lenders repeatedly filled his campaign coffers.
- At least he got it $2,500 by the Community Financial Services Association of America PAC, the political arm of the payday loan industry association.
- Budd’s June 2022 Campaign Funding report noticed thousands of dollars in PAC contributions from payday lending companies.
- Some of the industry donations he received came within days of a key vote.
- On May 4, 2017, Budd tuned to advance Financial Choice Act of 2017 from the House Financial Services Committee. The package that was mostly aimed for roll back the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Actcontain a section Finding that the Consumer Financial Protection Bureau “may exercise no regulation, enforcement, or other authority with respect to payday loans, vehicle title loans, or other similar loans.”
- Several financial executives donated to Budd this month, including at least one payday lender.
- On May 31, he received $1,000 by Scott Wisniewski, CEO of Western Shamrock Corporation, which offers Advance loan with paycheck and was called “predatory lender‘ by the advocacy group Texans for Public Justice.