CFPB, FTC Take Individual Actions Against Two Prohibited Online Payday “Cash-Grab”Schemes

CFPB, FTC Take Individual Actions Against Two Prohibited Online Payday “Cash-Grab”Schemes

Yesterday the CFPB and FTC announced separate actions against two online payday lenders operating eentially the exact same so-called scam.

Both “lenders” obtained consumer that is detailed from lead generation web sites or information agents, including banking account figures, then deposited purported payday loans of $200-300 into those records electronically, after which accumulated biweekly finance fees “indefinitely,”

Ed oversees U.S. PIRG’s consumer that is federal, assisting to lead nationwide efforts to really improve customer credit scoring regulations, identification theft defenses, item security laws and much more. Continue reading