Search Results: test Payday Lending

CFPB Brings Action Against Mississippi Pay Day Lending and Check Cashing Company

On May 11, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it is taking action against a Mississippi-based check cashing and payday lending company and its owner for purportedly “tricking and trapping” customers.  According to the complaint, filed in the U.S. District Court for the Southern District of Mississippi, the defendants…

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NY Department of Financial Services Settles Payday Lending Claims Against Online Lender

On March 17, 2016, the New York Department of Financial Services (NYDFS) announced that it entered into a consent order and settlement with a financial services company over allegations the company offered illegal online payday loans in New York. The company allegedly operated an online payday loan “lead generation” business. Although payday lending is…

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West Virginia Attorney General Settles with Payday Lender for Debt Collection Calls

​On February 25, the West Virginia Attorney General’s office announced that it had reached a settlement with an Ohio payday lender, resolving allegations that the payday lender had engaged in debt collection activities that “may violate” provisions of the West Virginia Consumer Credit and ​Protection Act (WVCCPA), W. Va. Code § 46A-…

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FTC and State AGs Announce Four Actions Against Debt Collectors as Part of Operations Collection Protection

FTC

On January 7, 2016, the Federal Trade Commission (“FTC”) and its law enforcement partners announced four separate actions against various debt collectors.  The FTC stated that the actions were part of a continuing nationwide crackdown referred to as “Operation Collection Protection,” which is designed to target debt collectors using illegal tactics.  The FTC claims the debt…

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FTC Reaches Settlement with Online Payday Lenders Relating to Deception Charges

FTC

On January 5, 2016, the Federal Trade Commission (“FTC”)​ announced that two online payday lenders ​reached a settlement with the FTC to resolve charges that payday lenders illegally charged consumers undisclosed and inflated fees.  As part of the settlement, each company agreed to a penalty of $2.2 million and combined waived $68 million in uncollected consumer…

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Virginia Attorney General Announces $4 Million Settlement with Payday Lender

On December 18, 2015, the Virginia Attorney General announced a $4 million settlement with a Delaware-based online payday lender.  The Attorney General had alleged that the lender violated the state’s consumer finance statutes by imposing illegal charges on consumers who received open-ended loans, and violated the Virginia Consumer Protection Act (VCPA) by misrepresenting…

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Payday Lender and CFPB Settle Debt Collection Allegations for $10 Million

On December 16, 2015, the CFPB announced a consent order and settlement with a small-dollar lender concerning its debt collection practices in 15 states.  According to the consent order, the lender’s unlawful conduct allegedly included:  in-person collection visits at consumers’ homes and workplaces and phone calls to supervisors, landlords, and…

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CFPB Publishes Rulemaking Agenda Including Proposed Rule Prohibiting Class Action Waivers

On November 20, 2015, the CFPB published​ its current rulemaking agenda. Under the Dodd-Frank Wall Street Reform Act, the CFPB drafts and implements new regulations governing certain consumer finance products and services. The CFPB publishes its regulatory agenda twice a year, which summarizes the proposed regulations (or “rules”) the Bureau is…

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