California Lawmakers Approve Cap on Payday Lending Rates
The California Senate passed a robust consumer protection law Friday that limits the amount of interest payday lenders can charge their customers.
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Lenders Who Bought Into NFL Concussion Settlement Score Reversal
In 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 moreConsumer Watchdog to Roll Back Payday Loan Rules
The 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 moreGiven Slack by Feds, Payday Lenders Push Back Against States
Riding 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 moreRent-a-Tribe Forfeiture
Federal 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.
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A 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 moreLenders Target Payday Loan Regulations
The federal consumer watchdog agency was sued Monday over a regulation that the payday loan industry says would wipe out the lending practice.
Read moreMulvaney Takes Heat for Handling of Equifax Probe
Mick 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 moreElderly Payday-Loan Scammer Convicted of $220M Fraud
A 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 moreCashCall Blames Law Firm For Staggering Loss
Asserting 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 moreTribe Tells 10th Circuit HUD Took Its Money
A 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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