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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. According a newly released email, the payday financing industry understands that a lot of people cannot spend their loans back. “In practice, consumers mostly either roll over or default; not many actually repay their loans in money from the date that is due” had written Hilary Miller, a vital figure in the market’s fight legislation, in a message to Arkansas Tech Professor Marc Fusaro. Miller is president of this pro-industry team the buyer Credit Research Foundation.” [Huffington Post, 11/2/15]
That is Hilary Miller?
HILARY MILLER IS A LAWYER WHO REPRESENTS PAYDAY LENDERS AND IT IS PRESIDENT REGARDING THE CASH ADVANCE BAR ASSOCIATION
Hilary B. Miller Is The Cash Advance Bar Association. [Martindale.com]
Miller Has Represented Payday Lender Dollar Financial. “Hilary Miller, the president associated with cash advance Bar Association, a solicitors group that is the industry, worked closely utilizing the scientists to their research. Miller has represented payday lending giant Dollar Financial, and it is the president regarding the pro-industry team the customer Credit analysis Foundation. [Huffington Post: “Emails Show Pro-Payday Loan Research Had Been Edited Because Of The Payday Loan Industry”, 11/2/15]
Miller Testified Before Congress On Your Behalf Regarding The Pay Day Loan Bar Association Therefore The CFSA. “Mr. Miller. Many thanks, Mr. Chairman and Members of the Committee. It really is a pleasure and honor to be here now. I am Hilary Miller and I also have always been here both as a specialist on subprime financing as well as with respect to the advance that is payday’s national trade association, the Community Financial Services Association of America or CFSA. Both the cash advance Bar Association, of that I have always been President, and CFSA sign up for the best concepts of ethical and fair remedy for borrowers. CFSA represents the owners of about half of this calculated 22,000 advance that is payday outlets . CFSA has and, notably, enforces among its people responsible industry techniques and appropriate customer liberties and defenses, including unique defenses for army workers. [Senate Banking Committee, 9/14/06]
MILLER IS ALSO PRESIDENT FOR THE PAYDAY FINANCING INDUSTRY-FUNDED ANALYSIS FOUNDATION (CCRF)
Miller Had Been President Associated With The Analysis Foundation. “Hilary Miller, the president associated with pay day loan Bar Association, a solicitors’ group for the industry, worked closely aided by the scientists on the research. Miller has represented payday lending giant Dollar Financial, the president associated with the pro-industry team the customer Credit Research Foundation. [Huffington Post: “Emails Show Pro-Payday Loan Research Ended Up Being Edited Because Of The Cash Advance Industry”, 11/2/15]
The Customer Credit Research Foundation Is Funded By Dollar Financial Group. “In a associated research released Wednesday, the buyer Credit Research Foundation stated it might www.paydayloanservice.net/payday-loans-ny be cheaper for clients payday lenders rather than jump checks. Payday loan providers are susceptible to more disclosure needs if they make that loan, the scholarly study stated. A CCRF official claims the building blocks is funded by Dollar Financial Group, which has a few lending that is payday, along with other businesses.” [American Banker, 6/10/05]