WASHINGTONвЂ“A customer team is accusing the trade relationship when it comes to pay day loan industry of fabricating a number of the вЂњpersonalвЂќ stories this has included in a pr release it published that reported the CFPB had been ignoring вЂњpositiveвЂќ stories from cash advance clients.
Allied Progress, which defines itself as a nationwide nonprofit grassroots company that makes use of research that isвЂњhard-hitting imaginative promotions to carry powerful unique passions accountable and empower hardworking Americans,вЂќ claims that a news release granted by the Community Financial solutions Association (CFSA) that chastised the CFPB using the headline, вЂњCFPB Buried, Ignored Positive Payday Loan Customer вЂTell Your StoryвЂ™ Testimonials It Requested,вЂќ failed вЂњto mentionвЂ¦that a number of these supposedly вЂpersonalвЂ™ submissions included a few of the same sentences and paragraphs.вЂќ
Allied Progress said it really is calling in the CFPB to more closely scrutinize the pro-industry вЂњpersonalвЂќ stories it gets, in addition to general public reviews submitted in opposition to its proposed rule on payday, car name, as well as other high-cost installment loans.
вЂњThe demand follows an analysis by the company that identified purportedly unique tales and opinions submitted straight to the CFPB in opposition towards the proposed guideline plus in help regarding the lending that is payday, including an alarming amount of identical passages,вЂќ Allied Progress stated.
вЂњPayday loan providers can not be trusted to deal seriously utilizing the Consumer Financial Protection Bureau. We now have discovered sentences and whole paragraphs that have already been reused verbatim in a huge selection of supposedly individual testimonials opposing the CFPBвЂ™s proposed lending that is payday,вЂќ said Allied Progress Executive Director Karl Frisch in a declaration.