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Tainted Process: CFPB Flooded with several thousand Suspicious, Copycat Pro-Payday Loan Comments Backing Trump’s Proposal to Kill defenses From Predatory Industry techniques

Tainted Process: CFPB Flooded with several thousand Suspicious, Copycat Pro-Payday Loan Comments Backing Trump’s Proposal to Kill defenses From Predatory Industry techniques

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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 general public reviews submitted in regards to the Trump-CFPB’s effort to kill an integral protection up against the cash advance debt trap and discovered that a lot more than 7,000 pro-payday responses utilized language that is suspiciously duplicative amounting to over 27 percent regarding the total commentary. Regarding the eve of this might 15 th due date for general public responses regarding the proposed guideline, Allied Progress called on CFPB Director Kathy Kraninger to use skepticism that is extreme commentary most likely manufactured because of the payday industry, including the over 200 opinions from purported borrowers who all stated verbatim that an online payday loan ended up being “needed to displace my heated water tank.