Today, Politico’s Morning cash reported from the launch of a “new Competitive Enterprise Institute report” that argues “many people may be harmed – not helped – by brand new limitations on [payday] lending” that the customer Financial Protection Bureau has proposed. The Competitive Enterprise Institute nonetheless did not remember that the report’s writer — Hilary Miller — is a disgraced payday financing industry attorney that has been caught manipulating supposedly separate educational payday lending studies financed by their shadowy group that is payday-funded.
Rhetoric: Hilary Miller Claims in brand New Report That 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 according to evidence. But up to now, this has maybe not provided evidence because of its own proposed regulatory actions. There is absolutely no evidence that payday financing traps consumers in a period of financial obligation, that it’s harmful, or that the online payday loans Wisconsin specific numerical restrictions on reborrowing the CFPB has proposed will enhance customer welfare. It is crucial that the CFPB research customers in more detail and figure out whether these or every other proposed interventions will enhance customer welfare within the aggregate. [CEI Report, 10/5/16]
Truth: In Private E-mails, Miller Admitted That Most Payday Users 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; not many Actually Repay Their Loans In money From the Due Date.” “In personal, it is a various tale. According a newly released e-mail, the payday financing industry understands that a lot of people cannot spend their loans back. “In practice, customers mostly either roll over or default; not many actually repay their loans in money regarding the date that is due” had written Hilary Miller, a vital figure in the market’s fight legislation, in an email to Arkansas Tech Professor Marc Fusaro. Miller is chairman of this pro-industry team the buyer Credit Research Foundation.” [Huffington Post, 11/2/15]
Who is Hilary Miller?
HILARY MILLER IS A LAWYER WHO REPRESENTS PAYDAY LENDERS AND IS PRESIDENT FOR THE PAY DAY LOAN BAR ASSOCIATION
Hilary B. Miller Is The Payday Loan Bar Association. [Martindale.com]
Miller Has Represented Payday Lender Dollar Financial. “Hilary Miller, the president for the cash advance Bar Association, a solicitors group that is the industry, worked closely because of the scientists to their study. Miller has represented payday lending Dollar that is giant Financial and is particularly the president associated with pro-industry team Credit Research Foundation. [Huffington Post: “Emails Show Pro-Payday Loan Research Ended Up Being Edited Because Of 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. Thank you, Mr. Chairman and customers of the Committee. It really is a pleasure and honor to be here now. I am Hilary Miller have always been right here both as a professional on subprime financing and also with respect to the advance that is payday’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 contribute to the greatest concepts of ethical and reasonable remedy for borrowers. CFSA represents the people who own about 50 % of this calculated 22,000 advance that is payday outlets in the us. CFSA has and, significantly, enforces among its members accountable industry methods and appropriate consumer rights and protections, including unique protections for the main benefit of army workers. [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 Of This Credit Rating Research Foundation. “Hilary Miller, the president associated with the pay day loan Bar Association, a lawyers’ group for the industry, worked closely aided by the scientists to their research. Miller has represented payday lending Dollar that is giant Financial and is particularly the president for the pro-industry team Credit analysis Foundation. [Huffington Post: “Emails Show Pro-Payday Loan Learn Was Edited By The Cash Advance Industry”, 11/2/15]
The Buyer Credit Research Foundation Is Funded By Dollar Financial Group. “In a study that is related Wednesday, Credit analysis Foundation stated it could be cheaper for clients to make use of payday lenders rather than jump checks. Payday lenders are susceptible to more disclosure requirements once they make a loan, the study said. A CCRF official claims the building blocks is funded by Dollar Financial Group, which has several payday lending operations, along with other businesses.” [American Banker, 6/10/05]