Don’t Be Fooled: Brand Brand New CEI Payday Report Authored by Disgraced Payday Industry Attorney Caught Manipulating Academic Researchdemo
Today, Politico’s Morning Money reported regarding the launch of a “new Competitive Enterprise Institute report” that argues “many people would be harmed – not helped – by new limitations on [payday] lending” that the customer Financial Protection Bureau has proposed. The Competitive Enterprise Institute but did not observe that the report’s writer — Hilary Miller — is a disgraced payday financing industry lawyer that has been caught manipulating supposedly separate educational payday lending studies financed by their shadowy payday-funded team.
Rhetoric: Hilary Miller Claims in brand brand New Report that there surely 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 period Of A Debt…” The CFPB has insisted so it develops policy according to evidence. But up to now, it has perhaps not supplied proof because of its own proposed actions that are regulatory. There isn’t any evidence that payday lending traps consumers in a period of debt, that it’s harmful, or that the specific numerical limitations on reborrowing the CFPB has proposed will enhance customer welfare. It is vital that the CFPB research customers in more detail and figure out whether these or just about any other proposed interventions will enhance customer welfare into the aggregate. [CEI Report, 10/5/16]
Reality: In Private Email Messages, Miller Admitted That A Lot Of Payday Customers 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 regarding the Due Date.” “In personal, it is a story that is different. According a newly released email, the payday financing industry understands that many people cannot spend their loans back. “In practice, customers mostly either roll over or standard; not many actually repay their loans in money regarding the date that is due” penned Hilary Miller, an integral figure in the market’s fight legislation, in an email to Arkansas Tech Professor Marc Fusaro. Miller is president of this pro-industry team the customer Credit analysis Foundation.” [Huffington Post, 11/2/15]
That is Hilary Miller?
HILARY MILLER IS A LAWYER WHO REPRESENTS PAYDAY LENDERS AND IT IS PRESIDENT FOR THE PAY DAY LOAN BAR ASSOCIATION
Hilary B. Miller Is The Pay Day Loan Bar Association. [Martindale.com]
Miller Has Represented Payday Lender Dollar Financial. “Hilary Miller, the president regarding the cash advance Bar Association, a solicitors’ group for the industry, worked closely with all the researchers on the study. Miller has represented payday lending giant Dollar Financial, the president of this pro-industry team the buyer Credit Research Foundation. [Huffington Post: “Emails Show Pro-Payday Loan Learn Had Been Edited By The Cash Advance Industry”, 11/2/15]
Miller Testified Before Congress On Your Behalf Regarding The Cash Advance Bar Association And Also The CFSA. “Mr. Miller. Many thanks, Mr. Chairman and people in the Committee. It is a pleasure and honor to be here today. I’m Hilary Miller and I also have always been here both as a specialist on subprime financing as well as on behalf of the advance that is payday’s https://paydayloanssolution.org/payday-loans-ma/ national trade relationship, the Community Financial solutions Association of America or CFSA. Both the cash advance Bar Association, of that I have always been President, and CFSA contribute to the greatest concepts of ethical and reasonable remedy for borrowers. CFSA represents the people who own about half of this predicted 22,000 pay day loan retail outlets in the usa. CFSA has and, notably, enforces among its users accountable industry practices and appropriate consumer legal rights and defenses, including unique defenses for the advantage of army personnel. [Senate Banking Committee, 9/14/06]
MILLER IS ALSO PRESIDENT ASSOCIATED WITH THE PAYDAY FINANCING INDUSTRY-FUNDED CREDIT RATING ANALYSIS FOUNDATION (CCRF)
Miller Had Been President Associated With The Analysis Foundation. “Hilary Miller, the president for the pay day loan Bar Association, a lawyers’ group for the industry, worked closely with all the scientists to their research. Miller has represented payday lending giant Dollar Financial, and is particularly the president for the pro-industry team the customer Credit analysis Foundation. [Huffington Post: “Emails Show Pro-Payday Loan Learn Had Been Edited By The Cash Advance Industry”, 11/2/15]
The Customer Credit Analysis Foundation Is Funded By Dollar Financial Group. “In a relevant research released Wednesday, the buyer Credit analysis Foundation said it will be cheaper for clients payday loan providers than to jump checks. Payday lenders are susceptible to more disclosure needs once they make that loan, the scholarly research stated. A CCRF official states the inspiration is funded by Dollar Financial Group, which has several payday lending operations, along with other organizations.” [American Banker, 6/10/05]