As CFPA bill goes up for debate, attacks on CRL escalate
March 15, 2010
We notice that BigGovernment.com has attacked CRL again -- using the same tired and unfounded arguments payday lenders have tried unsuccessfully to peddle to the "real" press for years. (BigGovernment.org isn't an impartial observer in this -- its editor is also the head of the Consumers Rights League, a fake front group set up by payday lenders to attack CRL and other groups pushing for reform.)
Why an attack now? No surprise: CRL is one of many groups pushing Congress to enact a Consumer Financial Protection Agency, and the payday industry is desperate to avoid restrictions such an agency might place on their 400% APR loans. It didn't work when they tried to use their lobbying muscle to get an exemption from CFPA regulation so the payday guys are trying to distract and discredit CRL. So predictable...