Today, Politico’s Morning cash reported from the launch of a “new Competitive Enterprise Institute report” that contends “many people will likely to 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 just 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 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 pattern Of A Debt…” The CFPB has insisted so it develops policy centered on evidence. But up to now, it offers perhaps maybe not supplied evidence because of its own proposed actions that are regulatory. There is absolutely no proof that payday financing traps consumers in a period of financial obligation, 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 discover whether these or other proposed interventions will enhance customer welfare into the aggregate. [CEI Report, 10/5/16]
Truth: In Private Email Messages, 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 A Pro-Payday Lending Group Admitted In Private e-mail That “Consumers Mostly Either Roll Over Or Default; hardly any Actually Repay Their Loans In money 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 a lot of people cannot spend back once again their loans. “In practice, customers mostly either roll over or standard; not many actually repay their loans in cash regarding the date that is due” had written Hilary Miller, a vital figure in the market’s Maine title loans fight legislation, in a contact to Arkansas Tech Professor Marc Fusaro. Miller is president for the pro-industry team the buyer 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 OF THIS CASH ADVANCE 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 pay day loan Bar Association, a solicitors’ group for the industry, worked closely because of the scientists to their research. Miller has represented payday lending Dollar that is giant Financial and it is the president regarding the pro-industry team the customer Credit Research Foundation. [Huffington Post: “Emails Show Pro-Payday Loan Research Had Been Edited Because Of The Cash Advance Industry”, 11/2/15]
Miller Testified Before Congress On Your Behalf Of This Cash Advance Bar Association In Addition To CFSA. “Mr. Miller. many thanks, Mr. Chairman and customers of the Committee. It really is a pleasure and honor to be here now. I am Hilary Miller and I also have always been right here both as a professional on subprime financing and in addition on behalf of 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 sign up to maxims of ethical and reasonable remedy for borrowers. CFSA represents the owners of about half of this predicted 22,000 pay day loan retail outlets in america. CFSA has and, notably, enforces among its people accountable industry methods and appropriate customer liberties and defenses, including unique defenses for the advantage of army workers. [Senate Banking Committee, 9/14/06]
MILLER IS ALSO PRESIDENT FOR THE PAYDAY FINANCING INDUSTRY-FUNDED ANALYSIS FOUNDATION (CCRF)
Miller Had Been President Associated With The Credit Rating Analysis Foundation. “Hilary Miller, the president regarding the cash advance Bar Association, a solicitors group that is the industry, worked closely because of the scientists to their research. Miller has represented payday lending giant Dollar Financial, and is additionally the president regarding the pro-industry team the buyer Credit analysis Foundation. [Huffington Post: “Emails Show Pro-Payday Loan Research Had Been Edited By The Cash Advance Industry”, 11/2/15]
The Customer Credit Research Foundation Is Funded By Dollar Financial Group. “In a associated research released Wednesday, the buyer Credit Research Foundation stated it could be cheaper for clients to utilize payday loan providers rather than jump checks. Payday loan providers are at the mercy of more disclosure needs once they make that loan, the research stated. A CCRF official states the building blocks is funded by Dollar Financial Group, which has a few lending that is payday, along with other organizations.” [American Banker, 6/10/05]