From the press release:

“Here we go again. The Center for Responsible Lending uses scary voodoo numbers like 400% interest that have no basis in reality to try and score a cheap political point,” said Tim Miller, communications director at the Center for Consumer Freedom. “It is intellectually dishonest to call a $15 fee on a $100 loan 400% interest. It is even more brazen to make that claim when the legislation CRL references would make it illegal for borrowers to roll loans over enough times to even approach that percentage. What CRL doesn’t tell you is that their own 2007 study shows that short-term payday lenders received 16.4% interest on their loans.”

“This shouldn’t be surprising from an organization that was founded by subprime lending billionaires who invented so-called “Pick-a-Payment” adjustable rate mortgages. CRL is currently the advocacy arm of a billion-dollar financial network that is a direct competitor of the short-term loan industry, and which charges its customers fees for services that cost more than short-term payday loans.”