Search Results: test Payday Lending

Debt Collector Settles with FTC Over Misrepresentations Made to Payday Loan Borrowers

FTC

​On September 16, the Federal Trade Commission (FTC) announced that it had entered a stipulated order with a debt collection services provider over allegations that the debt collector violated the Federal Trade Commission Act and Fair Debt Collection Practices Act by misrepresenting to payday loan recipients that they were delinquent on their debts, collected millions…

Read More

North Carolina Judge Bars Payday Lender from Lending Activity

On September 1, 2015​, North Carolina Special Court Superior Judge Gregory P. McGuire issued a preliminary injunction​ barring a North Dakota-based online fast cash lender from advertising, lending, and collection activity in the state of North Carolina.  The preliminary injunction bars the lender and its affiliated companies from advertising, offering or entering into contracts to…

Read More

CFPB Announces Lawsuit Against Off Shore Payday Lender

On August 4, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced that it filed a complaint ​against ​several interrelated offshore companies accused of engaging in usurious lending.  The complaint alleges that the companies originated, serviced and collected payday loans from consumers in all 50 states through the Internet.  It is alleged that companies collected money…

Read More

Payday Lenders Agree to Exit Consumer Lending Business in Settlement With FTC

FTC

On July 7, 2015, the FTC ​announced that it reached two stipulated settlements (available here and here) with payday lenders who allegedly deceived customers by signing them up for loans without their permission and then withdrawing “finance” charges indefinitely. The settlements stem from allegations in a complaint​ filed last year that defendants “purchase consumers’ sensitive financial information from online lead generators or data…

Read More

FTC Releases 2014 Annual Financial Acts Enforcement Report

FTC

On June 9, 2015, the Federal Trade Commission (“FTC”) announced that it provided its 2014 Annual Financial Acts Enforcement Report (the “Report”) to the Consumer Financial Protection Bureau (“CFPB”) and the Federal Reserve Board.  The 23-page Report, dated May 29, 2015, provided information about enforcement and related activities involving Regulation Z (Truth in…

Read More

"Lead Generation" Payday Lender Settles Claim for $2.1 Million and Agrees to Cease Operations

On March 9, 2015, the New York Department of Financial Services (“NYDFS”) announced that it entered a consent order with a “lead generation” payday lender where the lender agreed to pay a $2.1 million penalty, provide new warnings to consumers, and cease operations in the state.   Payday lending is illegal in New York. “Lead…

Read More

California Department of Business Oversight Reaches $1 Million Settlement with Payday Lender for Deceptive Marketing

On February 5, 2015, the California Department of Business Oversight announced that it reached a settlement with a payday lending company over allegations that the company used deceptive sales pitches to market payday loans in violation of the California Lenders Law. The company purportedly structured loans in a way that…

Read More