Payday Lenders Defend Themselves

Two articles worth mentioning because the payday industry is fighting a PR battle.  Both are from the CFSA.  The first article in the American Banker, “Payday Lenders Lash Out at CFPB“.  Here is what the letter to the director, Richard Cordray, said:

“Not only are the data demonstrably incomplete and misleading, but the conclusions, and specific language within the report seem aligned with the type of rhetoric that more often comes from advocacy groups that are not always driven by facts.”

The other article is an Op-Ed piece in the New York Times titled, “Need for Payday Loans” by Dennis Shaul of the CFSA:

“Thirty-four states recognize a need for these loans and the important role that regulated, licensed lenders play in credit markets. Consumers in states without adequate payday lending laws have turned to unlicensed offshore lenders in the absence of regulated storefronts, and these loans come at higher rates and expose consumers to the risk of fraud and identity theft.”


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