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danielmarans's profile
Daniel Marans
Daniel Marans
Daniel Marans
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@danielmarans

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Daniel MaransVerified account

@danielmarans

Reporter, @HuffPost. daniel.marans@huffpost.com

New York, NY
huffpost.com/author/daniel-…
Joined April 2010

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    Daniel Marans‏Verified account @danielmarans May 8

    New: Members of Congress from both parties asked the Federal Reserve to bail out unregulated lenders. They all received contributions from the lenders' trade group. https://www.huffpost.com/entry/wall-street-friendly-lawmakers-federal-reserve-bailout-installment-lenders_n_5eb5718fc5b61fe0f57bbc25?ncid=engmodushpmg00000004 … via @HuffPostPol

    2:18 PM - 8 May 2020
    • 2,146 Retweets
    • 4,347 Likes
    • Elizabeth Oberg Hannah Howarth Mary Daily Da freakin gabagoololi loser stayin in bed all day Michi Bam Bam Nicolle Ferremi timfeltman1 gabriel🦊.eth 🛡
    296 replies 2,146 retweets 4,347 likes
      1. New conversation
      2. Daniel Marans‏Verified account @danielmarans May 8

        “It’s bad on the substance to have the Federal Reserve be lending to subprime consumer and small business lenders. It doesn’t look good when the members asking for that kind of bailout for these companies are also funded by those predatory lenders," @steelewheelz

        8 replies 161 retweets 797 likes
        Show this thread
      3. Daniel Marans‏Verified account @danielmarans May 8

        The Federal Reserve revived a financial crisis-era program designed to bail out consumer lenders that are not banks. 14 House Financial Services Committee members asked for it to be expanded to loans issued by "installment" and fintech lenders. https://big.assets.huffingtonpost.com/athena/files/2020/05/06/5eb30d3bc5b652c56471c9f6.pdf …

        4 replies 88 retweets 327 likes
        Show this thread
      4. Daniel Marans‏Verified account @danielmarans May 8

        Some of those institutions are reputable but many others are "payday lenders by another name" -- slightly better than payday lenders, but not much.pic.twitter.com/WWdCbzKb5R

        5 replies 78 retweets 329 likes
        Show this thread
      5. Daniel Marans‏Verified account @danielmarans May 8

        After reaching out to all 14 House members, I got a call from a fintech lobbyist who'd been tipped off about my story. He said the "investment-grade" asset-backed securities they want bailed out by the Fed are not usurious...

        4 replies 49 retweets 259 likes
        Show this thread
      6. Daniel Marans‏Verified account @danielmarans May 8

        ... But curiously, the letter's authors jettisoned a proposal to restrict the Fed bailout to loans capped at 36% interest rates. “The 36% rate cap should have been applied,” said a House aide.pic.twitter.com/uEjEpFOWJM

        10 replies 61 retweets 282 likes
        Show this thread
      7. Daniel Marans‏Verified account @danielmarans May 8

        Here's a rundown of how much the American Financial Services Association, which represents installment lenders -- aka payday lending lite -- gave to the members of Congress who authored the letter (just this cycle).pic.twitter.com/5Hl51PFVYu

        8 replies 95 retweets 275 likes
        Show this thread
      8. Daniel Marans‏Verified account @danielmarans May 8

        Missouri Rep. Blaine Luetkemeyer, the top Republican on the subcommittee for consumer protection, is a big recipient of campaign cash from World Finance, one of the most notorious installment lenders. More on them here: https://www.propublica.org/article/installment-loans-world-finance …pic.twitter.com/IauB4sZYl5

        2 replies 88 retweets 269 likes
        Show this thread
      9. Daniel Marans‏Verified account @danielmarans May 8

        Another concern is that private equity is increasingly involved in the installment lending industry, meaning Fed money could go to cash-rich PE portfolios. That includes OneMain Financial, the biggest installment lender in the country, owned by Apollo Global Management.

        1 reply 64 retweets 224 likes
        Show this thread
      10. Daniel Marans‏Verified account @danielmarans May 8

        The co-founder of Apollo Global, his wife and his employees are all big donors to Rep. Josh Gottheimer, the NJ Democrat who co-chairs the Problem Solvers Caucus.pic.twitter.com/kPQlMX6evg

        4 replies 74 retweets 216 likes
        Show this thread
      11. Daniel Marans‏Verified account @danielmarans May 8

        Gottheimer was on the letter too of course. @sludge's @donnydonny reported on Gottheimer and the Problem Solvers Caucus's ties to Rowan and Apollo first for @theprospect: https://prospect.org/politics/centrist-democrat-backs-bailout-plan-pushed-by-private-equity/ … The Times wrote about it on Wednesday:https://www.nytimes.com/2020/05/05/business/private-equity-coronavirus-relief.html …

        2 replies 59 retweets 201 likes
        Show this thread
      12. Daniel Marans‏Verified account @danielmarans May 8

        “The Fed and the Small Business Administration should do everything they can to stop private equity from getting access to taxpayer funding, as private equity funds will use that funding to lay people off and buy themselves more private jets,” @matthewstoller.

        12 replies 92 retweets 297 likes
        Show this thread
      13. End of conversation

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