Payday Industry’s ‘Fake’ CFPB Comments Criticized at Congressional Hearing, Adds stress on Kathy Kraninger to bring back Integrity to Tainted Payday Rulemaking Process

Payday Industry’s ‘Fake’ CFPB Comments Criticized at Congressional Hearing, Adds stress on Kathy Kraninger to bring back Integrity to Tainted Payday Rulemaking Process

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Allied Progress’ Public Comment to CFPB Details the tens of thousands of Suspiciously Identical Pro-Payday ‘Personal’ Stories Submitted, Urges protections that are payday Preserved

View Congresswoman Tlaib’s Questioning Right Right Right Right Here

WASHINGTON, D.C. — Reports on the cash advance industry’s renewed efforts to govern the CFPB’s payday financing rulemaking process had been raised at a Congressional hearing today examining the Trump-CFPB proposition to kill payday defenses – including some reports according to customer advocacy team Allied Progress’ findings that a lot more than 7,000 pro-payday feedback utilized language that is suspiciously duplicative. As an example, over 200 feedback from purported borrowers claimed verbatim that a pay day loan ended up being “needed to displace my heated water tank.”

Congresswoman Rashida Tlaib (D-MI) asked a CFPB official testifying today in the event that bureau can “ensure fake commentary are filtered and therefore whenever industry players abuse the remark procedure, they’ll certainly be held accountable?,” incorporating later on that she “looks ahead to your bureau using significant and quick action to make sure this technique is certainly not corrupted.”

Allied Progress indicated comparable concerns in its formal general public remark submitted to your CFPB (See excerpts below).

“The payday industry hasn’t even bothered to deny that they’re behind the a huge selection of feedback parroting the supposedly that is same ‘personal’ anecdotes again and again,”said Jeremy Funk, spokesman for Allied Progress. “This is exactly what the industry thinks will generate the impression that the general public is clamoring for abusive 400% interest loans. (más…)

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