Payday lenders object to CFPB data, conclusions

05/2/2013 | (free registration)

The Consumer Financial Protection Bureau used "incomplete and misleading" data in its recent report on payday loans, says the Consumer Financial Services Association of America, a group that represents payday lenders. In a letter to CFPB Director Richard Cordray, the group says the CFPB based its conclusions on only a small segment of the industry and adds that any crackdown will prompt consumers to turn to unlicensed online lenders.

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