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Some Tribal Payday Lenders Surrender After Fraud Allegations

February 12, 2021 by Steve Rhode

The owners and operators of a vast payday lending scheme that overcharged consumers millions of dollars will be permanently banned from the lending industry under the terms of a settlement with the Federal Trade Commission. The settlement also provides that nearly all outstanding debt—made up entirely of illegal finance charges—held by the company will be …

FTC Halts Deceptive Payday Lender That Took Millions From Consumers’ Accounts Without Authorization

September 2, 2020May 25, 2020 by Research Department

The Federal Trade Commission has charged a payday lending enterprise with deceptively overcharging consumers millions of dollars and withdrawing money repeatedly from consumers’ bank accounts without their permission. A federal court has entered a temporary restraining order halting the operation and freezing the defendants’ assets, at the FTC’s request. According to the FTC, the 11 …