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CFPB Goes After Debt Settlement Company Pushing Loans

The Consumer Financial Protection Bureau (CFPB) yesterday filed suit against a debt settlement company in California for not disclosing the relationship with the loan company they were affiliated with. The CFPB filed a complaint in federal district court alleging that SettleIt, Inc. engaged in abusive acts or practices under the Consumer Financial Protection Act of … Read more

NC Files Suit Against CashCall and Western Sky Financial to Stop Payday Loans

Yesterday the Consumer Financial Protection Bureau announced taking action against an online payday loan enterprise that attempted to use Indian Tribal lenders to skirt laws on these types of loans. You can read all about that here. The State of North Carolina, in an effort to try and protect its citizens, also filed suit against … Read more

CFPB Sues CashCall for Illegal Loan Servicing

The Consumer Financial Protection Bureau action taken today against an online lender and Indian Tribe lender may just be the first big step to eradicating these loophole loans which charge consumers more than they should pay. In some cases the loans are voided and consumers do not need to repay anything. Today the Consumer Financial … Read more

Paul Reddam, Race Horse Stable Owner, Founder of DiTech, Slapped By California AG for CashCall

Attorney General Edmund G. Brown Jr. today forced CashCall, Inc., an Anaheim-based fast-money lender, to stop using “loan shark tactics” in collecting debt, including abusive calls at all hours of the day and night and empty threats of law enforcement action. The court-ordered judgment also forces CashCall to stop misleading consumers with deceptive advertising and … Read more