DPC Daily News: In California, borrowers risk becoming victims of predatory deceit

On June 26, Domestic Policy Caucus Chairman Patrick Rosenstiel, penned a op-ed regarding California Assembly Bill 539 and its predatory nature.

Rosenstiel wrote, in part, “AB 539 is cronyism at its worst, cooked up by well-lobbied Democratic leaders whose campaign coffers are fattened by three huge loan companies – OneMain, Opportun, and Lendmark. These operations rake in hundreds of millions of dollars every year by selling consumers expensive add-ons like credit insurance that they don’t want or need. They are bad players with an exclusive arsenal of 36 percent products, bent on using this bill to drive good players, who charge more up front but are honest with their clients, out of the market.”

Read the full op-ed here.