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Tainted Process: CFPB Flooded with tens of thousands of Suspicious, Copycat Pro-Payday Loan Comments Backing Trump’s Proposal to destroy Protections From Predatory Industry methods August 21, 2020

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Tainted Process: CFPB Flooded with tens of thousands of Suspicious, Copycat Pro-Payday Loan Comments Backing Trump’s Proposal to destroy Protections From Predatory Industry methods

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Allied Progress Finds Over 27% of Public Comments Including Supposedly ‘Personal’ Stories applied Verbatim Phrases, Calls on CFPB to deal with Clear Industry Interference in Rule-Making Process

WASHINGTON, D.C. — Consumer advocacy team Allied Progress examined general general public responses submitted in regards to the Trump-CFPB’s effort to kill an integral protection up against the cash advance debt trap and discovered that significantly more than 7,000 pro-payday reviews utilized language that is suspiciously duplicative amounting to over 27 per cent for the total remarks. In the eve regarding the might 15 th due date for general public remarks on the proposed guideline, Allied Progress called on CFPB Director Kathy Kraninger to use skepticism that is extreme responses most most likely manufactured by the payday industry, including the over 200 feedback from purported borrowers who all stated verbatim that a quick payday loan ended up being “needed to displace my heated water tank. ”

The payday industry has a brief history of employing tactics that are deceptive push legislation and policy manufacturers to guide or oppose laws, such as the usage of fake “personal” stories. (more…)

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