It’s been few months since the CFPB has proposed certain rules and regulations regarding the payday loans and their control over the borrower’s cash flow after taking the loan. However, within no time many individuals started commenting about it just as the CFPB has asked people to comment praising the industry of the payday loan with several phrases like “It has been an efficient process when I was in need and also the most reliable and reasonable one”. The mystery lied where the same phrase in the 18 different unique and legitimate comment letters from the online customers. When the CFPB has asked to send the comments, a total of 49 customers ended up writing individual comments and two observations out of them had the same message with two different messages saying, “To avoid the check bouncing, I took a payday loan that helped me in paying few bills. It is an great choice that helped me in dire situations and I was able to pay it within the repayment period without any additional charges or penalties”.
After that, more comments started coming, and the count reached 220 according to the CFPB (Consumer Financial Protection Bureau). All the comments are about the agency’s proposed rules to crack down which came out as a stammering blow to all the payday loans including the short-term loans, high investments loans et.al. The Allied Progress, an NGO analysed the comments to categorise the interests of the people who commented only to realise that the repetitive usage of the sentences. The NGO has sent a letter outlining the analysis noting them that though not all the letters or comments are thoroughly analysed, most of them had the similar comments. The comments are asked as it is a part of the rule creating process to ask comments from the individuals of the payday loan industry and other kind of lending organizations and advocacy firms.
As expected, nothing came extraordinarily out of these comment campaign or any petitions that happen in every federal process. However, these views can’t be taken as the opinion of the American masses or consider that the consumers have an ideological spectrum regarding the tactics and the proposed roles. While it is still not known who is responsible for sending the same kind of messages which have been reported to the CFPB regarding the payday loan industry.
It is speculated that the lenders wanted to fill the inboxes in order to oppose the rule pretending as the customers or they are paying the borrowers to write the comments praising the industry to get the regulation banned which is going to restrict the payday loans and also the borrower’s access to them without proper credit score. Another possibility is that the borrowers can also be coerced into sending the letters on condition that their loan will either be dismissed or prolonged or worst case, as a mandatory to get a loan. Dave Dayen, a lawyer said that they might even have hired full-time writers who would comment for the firm and help them with the effort.