California sanctioned at least ten online lenders starting last year. Minnesotas attorney general has settled or won rulings against eight online payday lenders - most recently, an 8 million ruling in May against a company that african bank personal loan rates without a state license.
Last month, Virginia sued a different lender on similar grounds. But New Yorks was the first public action against such a wide range of players in the online payday lending industry. It follows a strategy outlined this spring in a speech by the head of the federal financial fraud task force: Cutting off african bank personal loan rates access to the banking system.
If we can stop the scammers from accessing consumers bank accounts - then we can protect the consumers and starve the scammers, said Michael Bresnick, the former federal prosecutor who directs the task force, in written remarks before the Exchequer Club of Washington, D.
No longer focused only on companies with a clear connection to the financial crisis, the group wants to protect consumers from mass marketing fraud schemes - including deceptive payday loans, he said.
"Mass market fraudsters" Referring to online payday lenders repeatedly as mass market fraudsters, Bresnick said the working group is focused on banks and payment processors that make it possible for online lenders to operate in states where their loans would be illegal. Bresnick lumped in online "deceptive payday loans" with more clear cut fraudulent industried like fake health care discount cards and phony government grants.
Then after a few seconds of who. who. he said "Oh. " I advised I knew this was as scam and all of the information, numbers, etc were reported to the FTC. The calls have stopped. I received the same call and they left a nasty voice message said his name was Leo Hernandez with an indian accent. I called back to tell them they had the wrong number but apparently the call was for me.
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