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Today, Politico’s Morning cash reported regarding the launch of a “new Competitive Enterprise Institute report” that contends “many people are going to be harmed – not helped – by new limitations on [payday] lending” that the Consumer Financial Protection Bureau has proposed. The Competitive Enterprise Institute nevertheless neglected to remember that the report’s writer — Hilary Miller — is just a disgraced payday financing industry lawyer that has been caught manipulating supposedly independent scholastic payday lending studies financed by their shadowy group that is payday-funded.
Rhetoric: Hilary Miller Claims in brand New Report there is No proof Payday Lending Traps customers in a “Cycle of Debt”
Hilary Miller: “There Is No Evidence That Payday Lending Traps Consumers In A cycle Of A Debt…” The CFPB has insisted so it develops policy centered on proof. But up to now, this has perhaps perhaps not supplied proof for its own proposed regulatory actions. There’s no proof that payday financing traps consumers in a period of debt, that it’s harmful, or that the particular limits that are numerical reborrowing the CFPB has proposed will enhance consumer welfare. It is essential that the CFPB research consumers in more detail and discover whether these or every other proposed interventions will enhance consumer welfare when you look at the aggregate. [CEI Report, 10/5/16]
Reality: In Private Email Messages, Miller Admitted That A Lot Of Payday Users Either Roll Over or Default and Don’t Pay Off Loans Whenever They’re Due
Hilary Miller, A Chairman Of the Pro-Payday Lending Group Admitted In Private e-mail That “Consumers Mostly Either Roll Over Or Default; hardly any Actually Repay Their Loans In Cash in the Due Date.” “In personal, it’s a story that is different. Continue reading “Don’t Be Fooled: Brand New CEI Payday Report Authored by Disgraced Payday Business Attorney Caught Manipulating Academic Learn”