Wednesday, April 21, 2010

Consumer Rights Coalition? Not so much

The payday lending industry -- the people who argue that 600%-interest-rate loans for poor people are a good idea -- are behind a new group called the Consumer Rights Coalition. There's a maddeningly fascinating piece on The Huffington Post today about the group writing an op-ed in The Hill without anyone disclosing who's behind the group.
It's an open assault on the very idea of consumer protection regulation in finance, but before I go after the substance of the argument, I want to talk about who is making the argument. The post's author is a woman named Gerri Guzman, who heads an organization called the Consumer Rights Coalition, which boasts of having 115,000 concerned members who want to ensure access to "all forms of credit." Neither Guzman nor The Hill disclose the source of the CRC's funding. The CRC is a fake consumer group funded by the financial industry.
This is truly outrageous.

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