WASHINGTON — Payday lenders have started fighting back against a report that, they charge, falsely puts their industry in a bad light.
The Community Financial Services Association, a national trade association representing many U.S. payday lenders, has criticized a recent report from the Center for Responsible Lending on payday loans. The Center for Responsible Lending is an affiliate of the $261 million Self-Help Federal Credit Union headquartered in Durham, N.C.
The Center has released a report entitled "Financial Quicksand" that attacks the payday lending industry on a number of fronts. CFSA responded by accusing the Center of lying to the public.
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