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Posted On December 25, 2020 In Investigation With 32 Views

Pay Day Loan Trade Group Accused Of Production ‘Positive’ Stories

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Pay Day Loan Trade Group Accused Of Production ‘Positive’ Stories

WASHINGTON–A customer team is accusing the trade relationship when it comes to loan that is payday of fabricating a few of the “personal” stories this has included in a pr release it published that stated the CFPB had been ignoring “positive” stories from cash advance clients.

Allied Progress, which describes itself as a nationwide nonprofit grassroots company that makes use of “hard-hitting research and imaginative promotions to put on powerful unique passions accountable and empower hardworking Americans,” claims that a news release given by the Community Financial solutions Association (CFSA) that chastised the CFPB because of the headline, “CFPB Buried, Ignored Positive Payday Loan Customer ‘Tell Your Story’ Testimonials It Requested,” failed “to mention…that a majority of these supposedly ‘personal’ submissions included a number of the identical sentences and paragraphs.”

Allied Progress said it really is calling regarding the CFPB to more closely scrutinize the pro-industry “personal” stories it gets, along with public commentary submitted in opposition to its proposed rule on payday, automobile name, along with other high-cost installment loans.

“The request follows an analysis because of the company that identified purportedly unique tales and commentary presented straight to the CFPB in opposition to your proposed guideline as well as in help associated with payday financing industry, including an alarming quantity of identical passages,” Allied Progress stated.

“Payday loan providers can not be trusted to deal genuinely using the customer Financial Protection Bureau. We now have found sentences and whole paragraphs that have now been reused verbatim in a huge selection of supposedly individual testimonials opposing the CFPB’s proposed lending that is payday,” said Allied Progress Executive Director Karl Frisch in a declaration. (more…)

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