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Don’t Be Fooled: New CEI Payday Report Authored by Disgraced Payday Business Attorney Caught Manipulating Academic Study

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Don’t Be Fooled: New CEI Payday Report Authored by Disgraced Payday Business Attorney Caught Manipulating Academic Study

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  • Today, Politico’s Morning cash reported in the launch of a “new Competitive Enterprise Institute report” that contends “many people would be harmed – not helped – by brand new limitations on [payday] lending” that the buyer Financial Protection Bureau has proposed. The Competitive Enterprise Institute nevertheless did not keep in mind that the report’s writer — Hilary Miller — is really a disgraced payday financing industry attorney that has been caught manipulating supposedly separate educational payday lending studies financed by his shadowy payday-funded team.

    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 predicated on proof. But up to now, this has perhaps perhaps not supplied proof because of its own proposed regulatory actions. There’s absolutely no proof that payday financing traps consumers in a period of financial obligation, that it’s harmful, or that the specific limits that are numerical reborrowing the CFPB has proposed will enhance customer welfare. It is crucial that the CFPB research customers in more detail and discover whether these or virtually any 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 Repay 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 is a story that is different. According a newly released e-mail, the payday financing industry understands that https://paydayloanservice.net/payday-loans-ok/ a lot of people cannot spend their loans back. “In practice, customers mostly either roll over or standard; not many actually repay their loans in money in the due date,” penned Hilary Miller, a vital figure in the market’s fight against legislation, in a contact to Arkansas Tech Professor Marc Fusaro. Miller is president for the pro-industry team the customer Credit Research Foundation.” [Huffington Post, 11/2/15]

    Who’s 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 associated with the pay day loan Bar Association, a lawyers group that is the industry, worked closely because of the scientists research. Miller has represented payday lending giant Dollar Financial, and is particularly the president for the pro-industry team the buyer Credit analysis Foundation. [Huffington Post: “Emails Show Pro-Payday Loan Study Had Been Edited Because Of The Pay Day Loan Industry”, 11/2/15]

    Miller Testified Before Congress On Your Behalf Associated With The Cash Advance Bar Association Therefore The CFSA. “Mr. Miller. Many thanks, Mr. Chairman and people in the Committee. It really is a pleasure and honor to be here now. I am Hilary Miller am here both as a professional on subprime financing and in addition with respect to the wage advance industry’s national trade relationship, the Community Financial solutions Association of America or CFSA. Both the pay day loan Bar Association, of that we have always been President, and CFSA donate to the greatest concepts of ethical and reasonable remedy for borrowers. CFSA represents the owners of approximately half predicted 22,000 advance that is payday outlets in the usa. CFSA has and, notably, enforces among its people industry that is responsible and appropriate customer legal rights and defenses, including unique protections for armed forces personnel. [Senate Banking Committee, 9/14/06]

    MILLER IS ALSO PRESIDENT ASSOCIATED WITH THE PAYDAY FINANCING INDUSTRY-FUNDED ANALYSIS FOUNDATION (CCRF)

    Miller Had Been President Regarding The Credit Rating Research Foundation. “Hilary Miller, the president associated with the cash advance Bar Association, a solicitors’ group for the industry, worked closely because of the scientists on the research. Miller has represented payday lending giant Dollar Financial, and is particularly the president associated with pro-industry team Credit Research Foundation. [Huffington Post: “Emails Show Pro-Payday Loan Learn Ended Up Being Edited Because Of The Pay Day Loan Industry”, 11/2/15]

    Credit Research Foundation Is Funded By Dollar Financial Group. “In a study that is related Wednesday, Credit analysis Foundation said cheaper for customers to make use of 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 building blocks is funded by Dollar Financial Group, which has several payday lending operations, as well as other businesses.” [American Banker, 6/10/05]