Allied ProgressвЂ™ Public Comment to CFPB Details the tens of thousands of Suspiciously Identical Pro-Payday вЂPersonalвЂ™ Stories Submitted, Urges protections that are payday Preserved
View Congresswoman TlaibвЂ™s Questioning Right Right Right Right Here
WASHINGTON, D.C. вЂ” Reports on the cash advance industryвЂ™s renewed efforts to govern the CFPBвЂ™s payday financing rulemaking process had been raised at a Congressional hearing today examining the Trump-CFPB proposition to kill payday defenses вЂ“ including some reports according to customer advocacy team Allied ProgressвЂ™ 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 вЂњneeded to displace my heated water tank.вЂќ
Congresswoman Rashida Tlaib (D-MI) asked a CFPB official testifying today in the event that bureau can вЂњensure fake commentary are filtered and therefore whenever industry players abuse the remark procedure, they’ll certainly be held accountable?,вЂќ incorporating later on that she вЂњlooks ahead to your bureau using significant and quick action to make sure this technique is certainly not corrupted.вЂќ
Allied Progress indicated comparable concerns in its formal general public remark submitted to your CFPB (See excerpts below).
вЂњThe payday industry hasnвЂ™t even bothered to deny that theyвЂ™re behind the a huge selection of feedback parroting the supposedly that is same вЂpersonalвЂ™ anecdotes again and again,вЂќsaid Jeremy Funk, spokesman for Allied Progress. вЂњThis is exactly what the industry thinks will generate the impression that the general public is clamoring for abusive 400% interest loans. (más…)