A controversial rule proposed by the Center for Financial Protection Bureau (CFPB) in June has prompted more than a million public comments, some software-generated, as advocates (and their bots) debate the future of payday lending.
At issue is a new rule that would require payday lenders, who serve over 12 million Americans, to verify borrowers’ ability to pay before extending credit. Payday lenders contend that the regulation would force them out of business, and have enlisted software companies to pre-write comments on customers’ behalf.
Public comment on the rule closes this Friday. AH