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 argues “many people are going to be harmed – not helped – by brand brand new limitations on [payday] lending” that the buyer Financial Protection Bureau has proposed. The Competitive Enterprise Institute nonetheless did not keep in mind 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 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 cycle Of A Debt…” The CFPB has insisted so it develops policy predicated on evidence. But up to now, this has perhaps maybe not supplied proof because of its own proposed regulatory actions. There’s no proof that payday lending traps consumers in a period of financial obligation, it is harmful, or that the specific numerical limitations on reborrowing the CFPB has proposed will improve consumer welfare. It is essential that the CFPB research consumers in more detail and discover whether these or just about any other proposed interventions will enhance customer welfare into the aggregate. [CEI Report, 10/5/16]

    Truth: In Private Emails, Miller Admitted That A Lot Of Payday Users Either Roll Over or Default and Don’t Repay Loans Whenever They’re Due

    Hilary Miller, A Chairman Of A Pro-Payday Lending Group Admitted In Private e-mail That “Consumers Mostly Either Roll Over Or Default; not many Actually Repay Their Loans In money in the Due Date.” “In personal, it is a various story. According a newly released e-mail, the payday financing industry understands that a lot of people cannot spend back their loans. “In practice, customers mostly either roll over or default; not many actually repay their loans in money regarding the date that is due” composed Hilary Miller, an integral figure on the market’s fight against legislation, in a contact to Arkansas Tech Professor Marc Fusaro. Miller is president regarding the 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 the cash advance Bar Association, a solicitors 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 of this pro-industry team Credit analysis Foundation. [Huffington Post: “Emails Show Pro-Payday Loan Learn Had Been Edited Because Of The Cash Advance Industry”, 11/2/15]

    Miller Testified Before Congress On Your Behalf Associated With Cash Advance Bar Association And Also 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’m Hilary Miller and I also have always been right here both as a professional on subprime financing and in addition with respect to the advance that is payday’s national trade relationship, the Community Financial Services Association of America or CFSA. Both the cash advance Bar Association, of which I have always been President, and CFSA contribute to the greatest concepts of ethical and fair remedy for borrowers. CFSA represents the people who own about half of this predicted 22,000 wage advance retail outlets in the us. CFSA has and, notably, enforces among its people accountable industry techniques and appropriate customer legal rights and defenses, including unique protections for the main benefit of armed forces workers. [Senate Banking Committee, 9/14/06]

    MILLER IS ALSO PRESIDENT FOR THE PAYDAY LENDING INDUSTRY-FUNDED CREDIT RATING ANALYSIS FOUNDATION (CCRF)

    Miller Had Been President Associated With Analysis Foundation. “Hilary Miller, the president of this cash advance Bar Association, a solicitors group that is the industry, worked closely because of the scientists research. Miller has represented payday lending giant Dollar Financial, and is additionally the president associated with pro-industry team the buyer Credit analysis Foundation. [Huffington Post: “Emails Show Pro-Payday Loan Research Ended Up Being Edited By The Cash Advance Industry”, 11/2/15]

    The Customer Credit Analysis Foundation Is Funded By Dollar Financial Group. “In a study that is related Wednesday, Credit analysis Foundation stated it will be cheaper for clients to make use of payday lenders than to jump checks. Payday loan providers are at the mercy of more disclosure demands if they make financing, the scholarly study stated. A CCRF official states the inspiration is funded by Dollar Financial Group, which has a few payday lending operations, as well as other businesses.” [American Banker online payday NM, 6/10/05]