Payday Loan Site SoLo Funds Concealed Sky-High Interest Rates as Tips, States Allege
"Tips" and "donations" concealed the actual price of the loan, states charged.
Loans
California Planning Crackdown on 'Fintech' Payday, EWA Lenders
EWA loans let workers get at wages before payday rolls around, but the money comes at a cost.
Cars Underwater! $1,000 Payments Grow
Cars do more to keep us poor than just about anything. Right now, the $1,000 car payment is a spreading curse.
CashCall Ordered to Pay $167 Million in High-Interest Loan Case
A federal judge has ordered the high-cost consumer lender CashCall to pay $167 million in connection with unjust gains from small-dollar loans in a case brought by the Consumer Financial Protection Bureau (CFPB) in December 2013.
U.S. District Judge John Walter ruled that CashCall must pay $134 million in
Puppy Loan Bank's Rating Downgraded by FDIC
A bank heavily criticized for making predatory loans to consumers buying puppies has been brought to heel by the Federal Deposit Insurance Corporation (FDIC), which said it has downgraded the Community Reinvestment Act (CRA) performance rating of Transportation Alliance Bank (TAB Bank) to “needs to improve,” a low rating that
Wells Fargo to Pay $3.7 Billion for Mismanaging Loans
The Consumer Financial Protection Bureau (CFPB) is ordering Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines. The bank’s illegal conduct led to billions of dollars in financial
Why Was Your Loan Denied? The Lender Must Tell You
It’s not unusual for a consumer’s loan application to be turned down for no apparent reason. Lenders typically claim that they consider a wide range of information in reaching their decisions.
In fact, an increasing number of those decisions are made by algorithms – so-called artificial intelligence – with little