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

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

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Allied Progress’ Public Comment to CFPB Details the lots and lots of Suspiciously Identical Pro-Payday ‘Personal’ Stories Submitted, Urges Payday defenses Be Preserved

Watch Congresswoman Tlaib’s Questioning Right Right Here

WASHINGTON, D.C. — Reports from the cash advance industry’s renewed efforts to govern the CFPB’s payday financing rulemaking procedure 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 significantly more than 7,000 pro-payday reviews used suspiciously duplicative language. As an example, over 200 responses from purported borrowers claimed verbatim that a cash advance 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 that whenever industry players abuse the remark procedure, they’ll be held accountable?,” incorporating later that she “looks ahead towards the bureau using meaningful and quick action to make sure this method just isn’t corrupted.”

Allied Progress indicated similar issues in its formal comment that is public towards the CFPB (See excerpts below).

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

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Read moreMost trusted payday loan providers in san francisco bay area

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