Spurning other statutes that explicitly guide how the agency can recoup money, the Federal Trade Commission has leaned on its injunctive-relief powers to return almost $1 billion to consumers over the last three years.
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Standing up for vulnerable Americans whom the Covid-19 pandemic has brought to the brink, seven attorneys general joined New York’s top prosecutor Tuesday in a court challenge of interest rates that President Trump has allowed to go sky high, a boon for predatory payday lenders.
Read moreSeeking to stop the cycle of unsophisticated borrowers getting trapped in a recurring cycle of debt, multiple states have imposed regulations on payday lenders in recent years – regulations that will no longer apply to some lenders under a new Trump administration rule.
Read morePayday Money Centers sued the U.S. Small Business Administration in federal court, claiming Congress’s Covid-19 Paycheck Protection Program discriminates against “financial businesses primarily engaged in the business of lending.”
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A St. Croix-based financial services and consulting company is facing a class action racketeering suit that claims it is using a North Dakota-based Indian tribe as a legal shield for a nationwide usury operation.
Read moreThe California Senate passed a robust consumer protection law Friday that limits the amount of interest payday lenders can charge their customers.
Read moreIn a reversal where the court itself noted the potential for exploitation by usurious lenders, the Third Circuit ruled Friday that NFL players were entitled to trade their shares of a $1 billion concussion settlement for a quick cash payout.
Read moreThe federal financial watchdog on Wednesday proposed overhauling Obama-era consumer protection rules designed to protect payday loan borrowers from ballooning debt and soaring interest rates.
Read moreRiding the shift in political winds, payday lenders are getting a second act now in the state and federal courts where for years they weathered years of regulatory attacks.
Read moreFederal prosecutors forfeiture actions Tuesday to recover $1 million from the Santee Sioux Tribe of Nebraska, and $2 million from the Modoc Tribe of Oklahoma, related to their sham dealings with convicted payday-loan scammer Scott Tucker, a former champion racer.
Read moreA federal class action accuses Ascension Technologies-owned Big Picture Loans LLC of falsely claiming that the payday lending operation is owned and operated by a Native American “rent-a-tribe,” and immune to state usury laws.
Read moreThe federal consumer watchdog agency was sued Monday over a regulation that the payday loan industry says would wipe out the lending practice.
Read moreMick Mulvaney, director of the Office of Management and Budget, continued to scale back regulatory efforts in the finance industry, so the Center for Responsible Lending held a media call Wednesday to address how Mulvaney’s actions within the Trump administration could affect regulation of the payday lending industry.
Read moreA senior citizen who extended payday loans at exorbitant 700 percent interest rates faces prison time after a jury found him guilty of a $220 million fraud.
Read moreAsserting damages of more than half a billion dollars, consumer lender CashCall has sued Katten Muchin Rosenman and a top partner for malpractice, claiming the law firm steered the company to partner with a Cheyenne tribal businessman in a scheme to avoid state lending laws – a scheme courts and regulators later struck down.
Read moreA tribal housing authority in Northern California asked the 10th Circuit to return $146,000 the Department of Housing and Urban Development reclaimed after it accused the tribe of being overpaid.
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