Alexandria, Va. вЂ“ New documents released today unveil when it comes to time that is first than 12,000 good testimonials that payday loan clients presented to the customer Financial Protection Bureau (CFPB) included in the BureauвЂ™s вЂњTell Your StoryвЂќ effort. These consumer that is positive, which comprise 98% for the payday loan-related submissions, have not been made public prior to. Rather, the Bureau buried and ignored these customer that is real-life since it marched forward with proposed guidelines that could limit usage of credit for scores of People in the us.
The consumer tales had been unearthed by way of a Freedom of Information Act (FOIA) demand filed December 31, 2015 with a agent of this Community Financial solutions Association of America (CFSA) вЂ“ the trade association that represents the short-term financing industry. Throughout the period that is five-year by the FOIA request, 12,308 commentary regarding the 12,546 reviews presented on short-term loans praised the industry and its particular services and products, or elsewhere suggested good experiences.
The FOIA documents additionally unveiled just an incredibly tiny amount of critical payday lending responses were submitted into the CFPB вЂ“ just 240 or lower than 2%. (more…)