CFPB Official Admits Trump Payday Proposal Not Based On “Any New Research” 

WASHINGTON, D.C. — In response to Congressional testimony from Thomas Pahl — a CFPB policy associate director for research, markets and regulations — that “We did not do any new research” before the Trump administration proposed  scrapping protections from the payday loan debt trap, Allied Progress spokesman Jeremy Funk issued the following statement:

 “In the same breath the CFPB smeared the over five years of research that led to the ability-to-repay standard, they admitted their proposal to kill this consumer protection is not supported by a single new academic finding. What this suggests – other than the Trump CFPB lacks self-awareness — is that the ‘negotiations’ the agency reportedly held with payday industry executives last year was more a catalyst behind the current industry-friendly proposal than Director Kraninger has let on. It suggests the $2.5 million the payday industry contributed to Donald Trump was all that was needed to justify the administration giving them a mulligan.”

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