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Showing the Latest Payday Lending Results
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Trump’s DOJ Gives Payday Lenders and Financial Scammers a Massive Gift
Trump administration scraps “Operation Choke Point” while admitting program uncovered “criminal activity” by predatory lenders.
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The Times and Democrat: Payday Lending Stories Not Real
Eric Peters came out swinging (T&D, Oct. 1) against the Consumer Financial Protection Bureau’s effort to crack down on predatory payday lenders. To bolster his untenable position, he cited the purportedly personal stories of happy payday loan customers submitted to the CFPB and spotlighted by a payday industry-backed special interest group in Washington. Unfortunately, Peters failed to inform readers that hundreds, if not thousands, of the supposedly unique and personal payday loan-supportive stories he pointed to used many of the exact same sentences and paragraphs.
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Politico: Payday-Lending Crackdown Draws 1.4 Million Letters of Protest
“It’s very suspicious,” said Karl Frisch, executive director of Allied Progress, a left-leaning nonprofit. “We’re not just talking about language that’s nice to payday lenders. Or talks about a generic need for a payday loan. We’re talking about specific experiences that are repeated in letters.”
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With Public Comment Ending Tonight, CFPB Must Scrutinize Suspicious Pro-Payday Submissions
Individually submitted “personal” public comments defending industry contained many of the exact same sentences.
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Politico: Pro-Payday CEI Report Authored by Disgraced Payday Attorney
Allied Progress’s Karl Frisch emails on the CEI report in Tuesday’s MM: “I’m not sure if you noticed but the report is actually authored by Hillary Miller, a payday lending industry attorney.”
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CBS Money Watch: The Fight Over New Payday Lending Rules Gets Nasty
Consumer advocates are crying foul, saying the public comment submissions for the CFPB’s payday lending rule repeat an alarming number of identical passages.
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Counter Punch: How the Payday Loan Industry is Obstructing Reform
With the CFPB proposals, the payday loan industry is not only asserting its own interests to stop the reforms contrary to public interest, but they are manufacturing public opinions to distort popular consensus on the guidelines in their favor.
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CU Today: Payday Loan Trade Group Accused Of Manufacturing ‘Positive’ Stories
A consumer group is accusing the trade association for the payday loan industry of fabricating some of the “personal” stories it has included in a press release it published that claimed the CFPB was ignoring “positive” stories from payday loan customers.
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Morning Consult: Group Alleges Cut-and-Paste Job in CFPB Comments Favorable to Payday Loans
A left-leaning advocacy group on Monday said it has found hundreds of positive consumer testimonials about payday loans using identical language on the CFPB’s website, and it wants the agency to scrutinize the validity of those comments.
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Politico: CFPB Urged to Be on the Lookout for Astroturf Efforts
The liberal group Allied Progress urged the Consumer Financial Protection Bureau to be on the lookout for suspiciously similar public comments on its proposed payday rule.