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Fast cash with a catch: How payday loans can ruin lives

For those living paycheck to paycheck — or really anyone in need of a loan to get by until that next paycheck — a short-term loan or payday loans as they are called, can seem like a life-line. However, a WGN Investigation found those businesses promising quick cash come with a big catch of crippling interest rates and hundreds of complaints with the Better Business Bureau.

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Payday Loans

11/7/2019

article A Ban On High-Cost Loans May Be Coming
(Washington D.C.) -- A few years ago, money was very tight for Chasity Wohlford. The Houston resident, who was working a low-wage job, needed to fly to Colorado for a...
article MARY JACKSON: Tribal Lending Provides More Opportunities For America's Indigenous Peoples
(USA) -- For some Native American tribes, online lending has become a critical part of their economic development efforts. Unlike the federal, state and local...

10/31/2019

article AG Nessel sues online tribal lender over 'predatory' lending practices
(Michigan) -- Michigan Attorney General Dana Nessel has filed a lawsuit to protect consumers from online short-term lenders charging more than 300% in interest. Nessel...

10/30/2019

article Special Report: Predatory lending after 2008 affects American Indians the most
(USA) -- Data from the Consumer Financial Protection Bureau (CFPB) show that while mortgage interest rate spreads have declined in the 2008 subprime crisis, these...

10/29/2019

article A Judge Said a Lending Tycoon Didn’t Know He Was Breaking the Law. Should That Matter?
(USA) -- “CASHCALL ENJOYS DESTROYING OTHER PEOPLES LIVES AS THEY ARE DOING AND HAVE DONE TO ME.” That accusation came from a customer who took out a loan...

8/9/2019

article Lac du Flambeau Band leaders accused in new online lending lawsuit
(Pennsylvania) -- Several leaders and employees of the Lac du Flambeau Band of Lake Superior Chippewa Indians are being sued by a consumer of the tribe's online...

7/31/2019

article Payday loan mogul Scott Tucker’s possessions draw crowd — and money — at estate sale
(Kansas) -- More than 1,000 people paid a visit to Leawood’s tony Hallbrook neighborhood last month to buy up $85,626 worth of imprisoned payday loan businessman...

7/26/2019

article Settlement over payday loan scheme charging 448% interest rates to benefit Pennsylvanians
(Pennsylvania) -- Victims of predatory online payday loans may see some relief following a settlement with Think Finance, a national online payday lender, and an...

7/22/2019

article Consent order forces lenders to cease payday loans
(New Hampshire) -- Two unlicensed payday loan companies and their CEO, accused of making payday loans or small loans to hundreds of New Hampshire consumers, have agreed...

7/20/2019

article 4th Circuit Finds Lenders Entitled to Tribal Sovereign Immunity
(Michigan) -- A panel for the U.S. Court of Appeals for the Fourth Circuit recently found that two lending entities affiliated with the Lac Vieux Desert Band of the Lake...
article Michigan woman had 350% interest rate on $1,200 loan — and a loophole allows it
(Michigan) -- Karl Swiger couldn't believe how his 20-something daughter somehow borrowed $1,200 online and got stuck with an annual interest rate of roughly 350%....
article Michigan woman had 350% interest rate on $1,200 loan — and a loophole allows it
(Michigan) -- Karl Swiger couldn't believe how his 20-something daughter somehow borrowed $1,200 online and got stuck with an annual interest rate of roughly 350%....

7/7/2019

article Appeals court turns back attack on tribal lending operation
(Virginia) -- Online lending businesses owned by the Lac Vieux Desert Band of the Lake Superior Chippewa Indians are "arms of the tribe" and entitled to...

7/5/2019

article Lac Vieux Desert Tribe Gains Major Court Victory from Fourth Circuit Court of Appeals
(Michigan) -- In a major decision hailed as a victory for the Lac Vieux Desert Band of Lake Superior Chippewa Indians and for Native American sovereign rights, the U.S....
article Online lender can charge 600% interest in Virginia because of ties to Indian tribe, court rules
(Michigan) -- The online lender Big Picture Loans can legally charge Virginians interest rates approaching 650%, a federal appeals court has ruled. The U.S. Court of...
article Online lender can charge 600% interest in Virginia because of ties to Indian tribe, court rules
(Virginia) -- The online lender Big Picture Loans can legally charge Virginians interest rates approaching 650%, a federal appeals court has ruled. The U.S. Court of...
article Online lenders will repay $16.9 million, stop high-interest loans to settle Virginia lawsuits
(Virginia) -- Virginians burned by triple-digit interest rates from lenders pretending to be Indian tribes have won a promise that the companies will cancel their debts...

6/28/2019

article Fort Worth firm allegedly violated payday loan laws for years. Now it’s paying $39.7M.
(Texas) -- In times of desperation or financial uncertainty, a payday loan can be a way to get cash, quick — so long as the applicant accepts the terms and...
article Fort Worth firm allegedly violated payday loan laws for years. Now it’s paying $39.7M.
(Texas) -- In times of desperation or financial uncertainty, a payday loan can be a way to get cash, quick — so long as the applicant accepts the terms and...

6/27/2019

article Fugitive found in Vermont ordered back to Michigan to face fraud charges
(Vermont) -- Until last Thursday, the general manager of Berlin City Kia had no idea he was employing a fugitive from justice. The employee, William McKibbin, had been a...

6/15/2019

article Scott Tucker’s Leawood house headed for estate sale after seizure by IRS agents
(Kansas) -- Imprisoned payday loan mogul Scott Tucker’s residence in Leawood is going up for an estate sale later this month as part of an ongoing attempt by the...

6/12/2019

article California Might Finally Put a Lid on High-Interest Lenders
(California) -- The California Assembly has passed legislation to end a 34-year era during which non-bank lenders have been free to charge consumers unlimited interest...

6/11/2019

article OP/ED: California could finally regulate high-interest lenders. It’s up to the Senate
(California) -- The California Assembly has passed legislation to end a 34-year era during which non-bank lenders have been free to charge consumers unlimited interest...
article California could finally regulate high-interest lenders. It’s up to the Senate
(California) -- The California Assembly has passed legislation to end a 34-year era during which non-bank lenders have been free to charge consumers unlimited interest...

5/26/2019

article Court to hear tribe’s Allure in loan Litigation
(Virginia) -- A federal appeals court is set to hear arguments in a lawsuit accusing a Native American tribe in Michigan of conducting a loan strategy. At least five...

5/22/2019

article Court to hear tribe’s appeal in loan lawsuit
(Michigan) -- A federal appeals court is set to hear arguments in a lawsuit accusing a Native American tribe of running a loan scheme in Michigan. At least five people...

5/15/2019

article LETTER: Human Rights Watch Comment on CFPB Proposal to Rescind Provisions in the Rule Governing Payday, Vehicle Title, and Certain High-Cost Installment Loans
(Indian Country) -- Dear Ms. Kraninger, We write to express our deep concern with the Consumer Financial Protection Bureau’s (CFPB’s) proposal to rescind...

5/10/2019

article Second Circuit Decision has Implications for Native American Sovereign Immunity and Predatory Lending Practices
(Montana) -- On April 24, 2019, the U.S. Court of Appeals for the Second Circuit issued its decision in the case of Gingras v. Think Finance, Inc., 2019 WL 1780951 (2d...
article Second Circuit: Tribal Officials Must Face Suit
(Montana) -- The U.S. Court of Appeals, Second Circuit has ruled that an online tribal lender must comply with state interest rate and licensing laws, allowing a pair of...

5/9/2019

article Appeals court appears skeptical of attack on tribal lending operation
(Virginia) -- The federal appeals court in this southern capital city doesn't hear from Indian Country often but it was hard to tell as a closely-watched tribal case...

5/8/2019

article Federal Court In Richmond Weighs Alleged Predatory Lending Case Involving Michigan Tribe
(Michigan) -- This week a federal appeals court in Richmond heard arguments in an alleged predatory loan case that involves Virginia borrowers and an American Indian...
article BLOG: Second Circuit: Tribal Officials Must Face Suit
(Montana) -- The U.S. Court of Appeals, Second Circuit has ruled that an online tribal lender must comply with state interest rate and licensing laws, allowing a pair of...

5/7/2019

article Second Circuit: Tribal Officials Must Face Suit
(Montana) -- The U.S. Court of Appeals, Second Circuit has ruled that an online tribal lender must comply with state interest rate and licensing laws, allowing a pair of...
article Tribe Urges Fourth Circuit to Toss Loan-Fraud Case
(Virginia) -- The Fourth Circuit appeared sympathetic Tuesday to a Native American tribe claiming its private lending business is not an illegal “rent-a-tribe...

5/6/2019

article Court to hear tribe’s appeal in predatory loan lawsuit
(Virginia) -- A federal appeals court is set to hear arguments in a lawsuit accusing a small Native American tribe in Michigan of running a predatory loan scheme. At...
article Court to hear tribe's appeal in predatory loan lawsuit
(Virginia) -- A federal appeals court is set to hear arguments in a lawsuit accusing a small Native American tribe in Michigan of running a predatory loan scheme. At...

4/25/2019

article Fast cash with a catch: How payday loans can ruin lives
(Chicago) -- For those living paycheck to paycheck — or really anyone in need of a loan to get by until that next paycheck — a short-term loan or payday...
article Second Circuit rules for victims of Plain Green payday lending scheme
(Vermont) -- In a long-awaited opinion, the US Court of Appeals for the Second Circuit today ruled that borrowers who took out loans from the Native American-affiliated...

4/24/2019

article Appeals court rules against online tribal lender
(New York) -- A federal appeals court on Wednesday ruled that Think Finance and an online tribal payday lender must comply with state interest rate and licensing laws,...
article Appeals Court Rules Tribal Officers Not Shielded in Predatory Lending Suit
(New York) -- A federal appeals court in New York Wednesday cleared the way for consumer advocates to sue for injunctions barring officers of Native American tribes from...
article Tribe-Owned Pay-Day Lender Loses Bid for Immunity
(New York) -- An online lending company owned by the Chippewa Cree cannot invoke tribal immunity to block claims that it charged two Vermonters usurious interest rates,...

4/17/2019

article Some online lenders charge 900% interest and ignore Virginia law. So borrowers are suing.
(Virginia) -- A loose-knit group of Virginians, stung by triple-digit interest rates on payday and other loans, is trying to do what the General Assembly won’t...

3/28/2019

article Judge won’t let Overland Park payday loan lawyer out of prison while he appeals case
(Kansas) -- Tim Muir, an Overland Park attorney who is serving a prison sentence for helping payday loan magnate Scott Tucker build his expansive and illegal business,...

3/6/2019

article “Rent-a-tribe”: Virginians say online lender uses tribal immunity to get around state laws
(Virginia) -- Virginians are taking a lead attacking what they say is a legal loophole that has left thousands of people stuck with debt they can’t escape. The...

2/26/2019

article Payday lenders make loans in Georgia despite state ban
(Georgia) -- Well, that’s easy, Renee McKoy thought, seeing the offer. The Gwinnett County woman knew she could buy shoes and groceries online. So why not also try...

1/31/2019

article US Brings First Criminal AML Case Against Broker-Dealer
(New York) -- In a stark message, Justice Department prosecutors have brought the first criminal case for anti-money laundering violations against a broker-dealer....

1/16/2019

article State AGs File Amicus Brief in Fourth Circuit Case Involving Use of Sovereign Immunity by Tribal Lenders to Defeat State Law Claims
(Virginia) -- A coalition of 14 state Attorneys General and the D.C. Attorney General have filed an amicus brief with the U.S. Court of Appeals for the Fourth Circuit in...

1/7/2019

article 15-state coalition argues against payday lenders using tribal affiliations to avoid violations
(Maryland) -- Maryland's Attorney General Brian Frosh is the latest to join a coalition of 15 attorneys general that filed an amicus brief in the U.S. Court of...
article Prosecutors and Regulators Deliver Year-End AML Messages to Broker-Dealers
(New York) -- While many of us were winding down the year focused on the December holidays, the U.S. Department of Justice, the SEC, FINRA, and FinCEN were busy...

12/31/2018

article Will A New Law Finally Solve Ohio’s Payday Lending Puzzle?
(Ohio) -- New regulation promises to make a dangerous option viable for those in need of credit. Bob Miller did what many struggling Ohioans do when faced with a cash...

12/24/2018

article Government watchdog ends intense oversight of U.S. Bank's fight against money laundering
(Washington D.C.) -- The banking industry's top government watchdog has ended intense scrutiny of U.S. Bancorp's anti-money laundering practices after three...

12/19/2018

article Kansas company faces felony for not reporting red flags in Scott Tucker payday scam
(Kansas) -- The U.S. Attorney for the Southern District of New York has filed a criminal charge against a Prairie Village-based company, alleging the broker-dealer...

12/3/2018

article Borrowers Seek Cert. In $18.4M Tribal Lender Suit (sub req)
(Virginia) -- A proposed class of borrowers is seeking certification in Virginia federal court in their suit against a financier allegedly notorious for using tribal...

10/29/2018

article Online Lenders Urge 9th Circ. To Limit CashCall Ruling [sub req]
(California) -- An online lending trade group asked the Ninth Circuit Friday to narrow a ruling ordering CashCall Inc. to pay $10 million for offering high-interest...

10/2/2018

article Candidate fails to return donation from payday lenders as promised
(New York) -- The front-runner to become New York's next attorney general hasn't given a campaign donation back to a payday lender, as her campaign said she had...

9/27/2018

article Feds to return $505 million to consumers duped by Scott Tucker’s payday loan scheme
(Washington D.C.) -- Scores of consumers swindled by former race car driver Scott Tucker’s illegal payday loan businesses will receive refund checks worth a...

9/18/2018

article Federal judge considering motion to quash in Pa. AG's 'rent-a-bank' lawsuit
(Pennsylvania) -- A tribal lender based in Montana and its former CEO don't want to testify in Pennsylvania Attorney General Josh Shapiro's litigation over a...

9/2/2018

article CashCall stopped making loans, but its founder, targeted by regulators, is still in the business
(California) -- On a cool December afternoon in 2013, a dark-brown gelding named Shared Belief sprinted to an easy win over a field of elite thoroughbreds at Hollywood...

8/28/2018

article WILLIAMS: ‘Rent-a-tribe’ slur seeks to diminish our success
(Michigan) -- It is sad in this day and age that some people believe American Indian tribes are incapable of addressing their people’s basic needs. For decades,...

8/8/2018

article Co-Conspirator Of Godfather Of Payday Lending Gets 37 Months In Prison
(Pennsylvania) -- This week, it was announced that 61-year-old Adrian Rubin of Jenkintown, Pennsylvania had been sentenced to 37 months imprisonment and three years of...
article Montco man gets 3 years in prison for role in payday lending scheme
(Pennsylvania) -- A Montgomery County man who cooperated with prosecutors in the case against Main Line payday lender Charles M. Hallinan was sentenced Tuesday in U.S....
article Borrowers Balk At Bid To Pause Suit Against Tribal Lender [sub req]
(Virginia) -- A proposed class of Virginia residents alleging that an online lending company worked to use its connection to a Michigan tribe to protect itself against...

8/6/2018

article Think Finance must face CFPB lawsuit over tribal loans - ruling
(Montana) -- The Consumer Financial Protection Bureau can proceed with a lawsuit accusing bankrupt financial technology firm Think Finance of working with tribal lenders...

7/31/2018

article As online lending companies gain popularity, the Trump administration is making it easier for them to bypass state regulations
(Washington D.C.) -- Federal officials said Tuesday they would make it easier for financial technology firms to operate nationwide following a Trump administration...

7/30/2018

article Lending Cos. Don't Share Tribal Immunity, Judge Says [sub req]
(Virginia) -- A Virginia federal judge on Friday refused to toss a proposed class action alleging that an online lending company sought to use its connection with a...

7/27/2018

article Convicted racketeer denied emergency bail request
(Pennsylvania) -- The Main Line head of a multimillion-dollar payday lending enterprise convicted in November on racketeering conspiracy and fraud charges has been...

7/23/2018

article Too sick for prison? Main Line's 'godfather of payday lending' makes last-minute pitch to avoid lockup
(Pennsylvania) -- Lawyers for a Main Line man dubbed the “godfather of payday lending” pushed Monday to postpone the start of his 14-year prison term,...

7/8/2018

article Payday lending enterprise head sentenced to 15 years
(Pennsylvania) -- The head of a multimillion-dollar payday lending enterprise accused of evading state regulations by using Native American tribes and a bank as fronts...

7/7/2018

article 77-year-old payday lender gets 14 years in prison for scheme
(Pennsylvania) -- The head of a multimillion-dollar payday lending enterprise has been sentenced in Philadelphia to 14 years in federal prison for evading state...

7/6/2018

article 'Godfather of payday lending' sentenced to 14 years in U.S. prison
(Pennsylvania) -- A Pennsylvania businessman known as the "godfather of payday lending" was sentenced on Friday to 14 years in prison for conspiring to collect...
article Main Line's 'godfather of payday lending' sentenced to 14 years, stripped of $64M, for preying on financially vulnerable
(Pennsylvania) -- A former Main Line investment banker who made a career of flouting state laws and preying on cash-strapped people to build one of the nation’s...

7/2/2018

article Jury indicts Scott Tucker’s brother for fake payday loan portfolios
(Kansas) -- The legal problems keep piling up for Joel Tucker, who now faces a 15-count indictment related to his payday lending activities. The federal court in Kansas...

6/29/2018

article Joel Tucker indicted in fake payday loan scheme, accused of lying to bankruptcy judge
(Kansas) -- Johnson County businessman Joel Jerome Tucker — already facing a $4 million judgment from the Federal Trade Commission — has been indicted on 15...
article Modoc Tribe settles with Feds over payday probe
(New York) -- The fallout from Scott Tucker’s illegal payday loan business continued on Tuesday with two American Indian tribes that Tucker used as cover to skirt...

6/26/2018

article American Indian tribes used by convicted payday lender Scott Tucker settle with feds
(New York) -- The fallout from Scott Tucker's illegal payday loan business continued on Tuesday with two American Indian tribes that Tucker used as cover to skirt...
article Two Native American Tribes to Pay $3 Million in Payday Loan Scam
(New York) -- Two Native American tribes agreed to forfeit $3 million in money they took in for acting as fronts for a scam run by Scott Tucker, the former race-car...
press release Manhattan U.S. Attorney Announces Settlements With Two Native American Tribes Involved In Scott Tucker’s Payday Lending Scheme
(New York) -- Geoffrey S. Berman, the United States Attorney for the Southern District of New York, announced non-prosecution agreements (the “Agreements”)...

6/18/2018

article Attorney convicted in payday loan scam suspended
(Missouri) -- Timothy Muir, former attorney for Leawood businessman and professional race car driver Scott Tucker, has been suspended following a June 5 Missouri Supreme...

6/16/2018

article 'Rent-a-tribe' scheme alleged in class action
(California) -- A class action complaint filed June 11 in U.S. District Court for the Northern District of California alleges defendant Big Picture Loans LLC engaged in...

6/12/2018

article Lawsuit accuses Big Picture Loans of 'rent-a-tribe' scheme
(California) -- Online Michigan lender Big Picture Loans has been hit with a proposed class action accusing it of participating in a “rent-a-tribe” scheme,...

6/7/2018

article Mulvaney Further Scales Back CFBD Role As An Aggressive Watchdog
(Washington D.C.) -- Mick Mulvaney is effectively disbanding councils designed to help consumer groups work with the agency to identify problems facing Americans who are...

6/6/2018

article 4th Circuit affirms sanctions for attorneys in payday lawsuit
(USA) -- On May 31, the U.S. Court of Appeals for the 4th Circuit affirmed sanctions against three attorneys for challenging the authenticity of a loan document for two...

5/29/2018

article Wilmington lawyer sentenced to eight years in prison for massive payday loans scheme
(Delaware) -- A prominent Wilmington lawyer has been sentenced to eight years in prison for his part in a massive payday loan scheme that charged customers more than 780...

5/28/2018

article Payday lender lawyer sentenced to 8 years in prison
(Pennsylvania) -- The lawyer who represented payday lenders accused of evading state regulations by using Native American tribes and a bank as fronts has been sentenced...

5/25/2018

article Lawyer who helped top payday lenders prey on financially desperate is sentenced to 8 years in prison
(Pennsylvania) -- The lawyer behind some of the nation’s top payday lenders was sentenced to eight years in federal prison Friday after more than a decade spent...

5/24/2018

article CFPB Fights Think Finance's 'Meritless' Dismissal Bid [sub req]
(New York) -- The Consumer Financial Protection Bureau on Tuesday defended its suit alleging Think Finance duped borrowers and used sham tribal payday lenders to collect...

5/16/2018

article A Lawyer for Payday Lenders Is Confirmed for F.T.C. Job
(Washington D.C.) -- The new director of the Federal Trade Commission’s consumer protection unit, a watchdog with broad investigative powers over private companies...
article Bankshot: The real fight over CFPB's payday rule is just beginning
(Washington D.C.) -- Congress has lost its chance to toss out the Consumer Financial Protection Bureau’s payday lending rule, but bigger fights over the rule...

5/13/2018

article Ex-Google Exec's Co. Accused Of 'Rent-A-Tribe' Loan Scheme [sub req]
(North Dakota) -- A former Google executive and his financial technology company worked with a North Dakota tribe so they could hide behind its sovereign immunity while...

4/22/2018

article Court rules in favor of credit reporting agency Clarity in wrongful disclosure claim
(California) -- Consumer reporting agency Clarity Services, Inc. has been granted summary judgment in a case that alleged it was in violation of the Fair Credit...

4/14/2018

article Tribal lenders worried about 'mixed signals' from Trump administration
(Washington D.C.) -- Tribal lenders cheered when the Trump administration started taking the Consumer Financial Protection Bureau (CFPB) in a new direction but an appeal...

4/11/2018

article Appeal could jeopardize CFPB win in landmark tribal sovereignty case
(Washington D.C.) -- Online lender CashCall filed a notice of appeal Tuesday in a Consumer Financial Protection Bureau enforcement action that set precedent on whether...
article Mick Mulvaney Defends Enforcement Record, or Lack Thereof, at CFPB
(Washington D.C.) -- In the nearly six months since White House budget director Mick Mulvaney took over the Consumer Financial Protection Bureau, the agency has...

4/9/2018

article LEGAL BLOG: Third Circuit Finds Agreement To Arbitrate Unenforceable Because Arbitration Was Directed To An Illusory Forum
(USA) -- Where a Loan Agreement’s arbitration provision stated disputes “will be resolved by Arbitration, which shall be conducted by the Cheyenne River...

4/4/2018

article Bankrupt Payday Lender Can't Move Pa. AG's Suit To Texas [sub req]
(Pennsylvania) -- Think Finance LLC, a financial technology firm that critics say uses Native American tribes to skirt payday lending laws, failed to convince a...

3/30/2018

article Head of CFPB Won’t Sue in Payday Loan Collector Case
(USA) -- Mick Mulvaney, who serves as interim head of the Consumer Financial Protection Bureau (CFPB), has opted not to pursue a lawsuit against a payday loan collector...
article Senators urge CFPB not to reconsider payday loan rule
(Washington D.C.) -- A group of Democratic senators (joined by two independent Senators) has sent a letter to Leandra English and Mick Mulvaney urging them to abandon...

3/23/2018

article Trump official quietly drops payday loan collector case and considers spiking others: Sources
(Washington D.C.) -- The top cop for U.S. consumer finance has decided not to sue a payday loan collector and is weighing whether to drop cases against three payday...

3/19/2018

article Judge dismisses some of AG Shapiro's 'rent-a-bank' lawsuit
(Pennsylvania) -- The U.S. District Court for the Eastern District of Pennsylvania has dismissed some claims filed by Pennsylvania Attorney General Josh Shapiro related...

3/13/2018

article 'Rent-A-Tribe' Businessman Can't Get Out Of Usury Suit
(Virginia) -- A Virginia federal judge on Monday refused to toss a suit against a central player in an alleged “rent-a-tribe scheme” involving an online...

3/6/2018

article Montana Court Refuses to Shift Venue of “Related to” CFPB Police Action to Texas Bankruptcy Court
(Montana) -- On February 6, 2018, the District Court for the District of Montana refused a debtor’s request to change the venue of a post-petition “related...

3/5/2018

article RICO suit filed against Great Plains Lending over allegations of predatory online lending scheme
(North Carolina) -- Three consumers allege that they were the victims of online payday lending schemes that attempted to circumvent federal law by issuing loans under...

3/2/2018

article 3rd Circuit holds payday lender’s arbitration clause unenforceable
(USA) -- On February 27, the U.S. Court of Appeals for the 3rd Circuit held that an arbitration clause is unenforceable if the corresponding forum selection provision...

2/28/2018

article 3rd Circuit rejects forced arbitration of CashCall lawsuit
(New Jersey) -- A New Jersey man who filed a proposed class action against online lender CashCall does not have to submit the dispute to arbitration because CashCall...

2/16/2018

article Feds fine U.S. Bancorp $613 million for failing to guard against money laundering
(New York) -- U.S. Bancorp has agreed to pay the federal government $613 million to settle criminal charges that it did not guard against money laundering in its...
article U.S. Bank hit with $613 million penalty related to Scott Tucker banking relationship
(New York) -- The wreckage of Scott Tucker’s payday loan empire has now reached one of the largest North American banks with federal prosecutors announcing...
article Ferraris, homes, jewelry in play in KC payday loan case as judge seeks $3.5 billion
(Kansas) -- A federal judge appears likely to enter a forfeiture order of $3.5 billion against convicted felon Scott Tucker of Leawood, Kan., as part of his sentence for...

2/12/2018

article Local and national leaders speak out against payday lenders
(New Orleans) -- Sen. Jeff Merkley (D-Ore) and the Rev. Willie Gable, Jr. of Progressive Baptist Church in New Orleans believe the Consumer Financial Protection Bureau (...
article RADIO: Trump Administration Plans To Defang Consumer Protection Watchdog
(USA) -- The Consumer Financial Protection Bureau was created after the financial crisis to protect Americans from being ripped off by financial firms. Now, President...

2/1/2018

article House advances 'hillbilly venture capital' bill pushed by payday loan industry
(Indiana) -- The Indiana House on Wednesday evening voted to approve a bill favored by the payday loan industry that advocates say would allow people with poor credit...

1/27/2018

article KC payday lending king will star in Netflix documentary
(Kansas) -- Scott Tucker is known locally as a Leawood businessman best known for building a payday lending empire to a second career as a race car driver. Recently, he...
article HILTZIK: A slap on CashCall's wrist signals there's no downside to deceiving borrowers
(California) -- Los Angeles U.S. District Judge John F. Walter minced no words last August when he lowered the boom on CashCall and its high-interest-rate lending to...

1/25/2018

article Major bank anticipates paying a penalty over relationship with Scott Tucker
(Kansas) -- U.S. Bank expects it will have to pay a penalty related to its banking relationship with recently convicted Leawood payday loan businessman Scott Tucker. U.S...
article Court Awards $10 Million Penalty Against Payday Lender, Rejecting CFPB’s Request for $280 Million in Restitution and Penalties
(California) -- In August 2016, the U.S. District Court for the Central District of California granted partial summary judgment to the Consumer Financial Protection...
article Ohioans could vote to rein in payday lenders -- again
(Ohio) -- Ohio consumer advocates fed up with the legislature's inaction on payday loan reforms say they're going to take the issue to voters in November.

1/24/2018

article Judge orders $10 million in penalties against payday lender
(California) -- On January 19, a federal judge for the U.S. District Court for the Central District of California ordered an online loan servicer and its affiliates to...

1/23/2018

article CFPB drops probe into lender that gave to Mulvaney’s campaigns
(Washington D.C.) -- The Consumer Financial Protection Bureau has dropped a probe into an installment lender that had been accused of trying to profit from repeat...
article EDITORIAL: Don't Let Payday Lenders Off the Hook
(Indian Country) -- The acting director of the Consumer Financial Protection Bureau, Mick Mulvaney, appears to have identified one of the first services he will free...
article Newly Defanged, Top Consumer Protection Agency Drops Investigation of High-Cost Lender
(Washington D.C.) -- In the latest sign that the Consumer Financial Protection Bureau is pulling back from aggressive enforcement, it dropped an investigation triggered...

1/22/2018

article Feds drop action against payday lenders with local ties
(Kansas) -- The Consumer Financial Protection Bureau pulled a legal action filed last year against four payday loan companies with ties to Kansas.

1/21/2018

article Trump administration signals major changes for tribal lending industry
(Washington D.C.) -- Indian Country advocates are cheering the Trump administration for dropping a case that targeted the tribal lending industry. With little fanfare,...

1/18/2018

article CFPB Signals Shift by Dropping Payday Lender Lawsuit
(Washington D.C.) -- The Consumer Financial Protection Bureau is dropping a lawsuit against a group of payday lenders associated with an American Indian tribe in a sign...
article Mulvaney requests zero funding for the Consumer Financial Protection Bureau
(Washington D.C.) -- In his first quarterly funding request as acting director of the Consumer Financial Protection Bureau, Mick Mulvaney is asking for nothing. "...
article Trump And Lawmakers Got Cash From Payday Lenders, Then Weakened Lending Rules
(Washington D.C.) -- Less than two months after President Donald Trump tapped his budget director to run the independent federal agency tasked with protecting U.S....

1/16/2018

article BLOG: Does Tribal Lending Have A Future?
(USA) -- Scott Tucker’s pre-sentencing “apology” will not likely be remembered as one of history’s greatest all-time allocutions of contrition....

1/9/2018

article BLOG: The End for "Rent-A-Tribe" Payday Lending Schemes?
(Connecticut) -- This month, Scott Tucker, an online payday lender who used his billions in proceeds to fund his auto racing dreams, including buying a $1.3 million...
article Scott Tucker, part-time Aspenite and homeowner, sentenced to 16 years
(Kansas) -- Scott Tucker, the part-time Aspen resident who allegedly bought a Park Avenue home through a $3.5 billion payday lending operation, was sentenced Friday to...

1/8/2018

article Payday lending king, lawyer receive prison sentences
(Kansas) -- The Leawood businessman who rode a payday lending empire to a second career as a race car driver will be making a long pit stop in prison. U.S. District...

1/7/2018

article Plain Green settles with BEH over loan lawsuit
(Montana) -- Plain Green LLC, the Chippewa Cree Tribe's online lending company has reached a settlement with BEH Ltd., a Florida-based gaming venture in a...

1/6/2018

article American Le Mans champion sentenced to 16 years in prison over lending scheme
(Kansas) -- Four-time American Le Mans Series champion Scott Tucker was sentenced to 16 years and eight months in prison on Friday for crimes related to a payday lending...

1/5/2018

article Chippewa Cree Lender Settles Lawsuit Over Unpaid Loan
(Montana) -- The Chippewa Cree tribe's online lending company has reached a settlement in a lawsuit filed after the tribe and its development corporation failed to...
article Payday Lender Scott Tucker Sentenced To More Than 16 Years In Prison
(New York) -- Leawood businessman Scott Tucker was sentenced in New York today to more than 16 years in prison for running an illegal internet payday lending empire.
article Payday Loan Mogul Trades Ferrari-Racing Life for Prison Term
(New York) -- Scott Tucker says he’s a pioneering self-made man who, without a college degree, founded successful businesses in a variety of fields and contributed...
article Race car driver Tucker gets more than 16 years for lending scheme
(New York) -- A Kansas businessman and race car driver was sentenced to 16 years and 8 months in prison on Friday for crimes related to his online payday lending...
article Tucker sentenced to more than 16 years in prison in payday lending case
(New York) -- Scott Tucker's days as a free man came to an end on Friday after the former American Le Mans Series team owner was sentenced to 16 years and eight...

1/4/2018

article Chippewa Cree Tribe Settles BEH Gaming Ltd Lawsuit
(Montana) -- Plain Green, LLC, the premier online resource for the short-term financial needs of underbanked and subprime consumers, today announces a successful...

1/3/2018

article US Wants 20 Years For Payday Loan Boss Scott Tucker (sub req,)
(New York) -- Scott Tucker, the auto racer and businessman convicted of using sham tribal contracts to operate a $2 billion criminal payday loan empire, should spend at...

1/2/2018

article US Wants 20 Years For Payday Loan Boss Scott Tucker
(Kansas) -- Scott Tucker, the auto racer and businessman convicted of using sham tribal contracts to operate a $2 billion criminal payday loan empire, should spend at...
article Payday Lender May Have to Forfeit $491 Million
(Pennsylvania) -- How much should a racketeering conviction cost a man who for years flouted Pennsylvania laws and preyed upon cash-strapped Americans to build one of...

12/29/2017

article Main Line payday lender Hallinan may have to forfeit $491M
(Pennsylvania) -- How much should a racketeering conviction cost a man who for years flouted state laws and preyed upon cash-strapped Americans to build one of the...

12/23/2017

article Pro racecar driver Tucker accused of not reporting income
(Kansas) -- Professional racecar driver Scott Tucker and his accountant have been indicted on federal charges of failing to report millions in income from a payday...

12/22/2017

article Is Congress expanding credit for the poor or enabling payday lenders?
(Washington D.C.) -- The Center for Public IntegrityKen Rees has made a fortune selling loans with triple-digit interest rates to borrowers with poor credit history or...
article DAVIS: Tribal Sovereignty: Good for Indian Country’s economy, good for America’s economy
(Indian Country) -- Tribal sovereignty can be an obscure concept for non-Native Americans, but for all federally recognized tribes in the United States, it is an...
press release Native American Financial Services Association to Hold Inaugural Regulatory Workshop in Washington, DC
(Washington D.C.) -- The Native American Financial Services Association (NAFSA) today announced the date for its inaugural Tribal Lending Regulatory Workshop, to be held...

12/21/2017

article Payday titan Tucker faces a new indictment
(Kansas) -- Payday lending titan Scott Tucker now faces a new indictment for failing to report millions in income. The 55-year-old Leawood businessman has been charged...

12/20/2017

article Scott Tucker, recently convicted payday loan businessman, faces new criminal charges
(Kansas) -- Leawood businessman Scott Tucker, already convicted of criminal charges of running an illegal payday loan business, faces a new indictment for not reporting...

12/19/2017

article How a Main Line payday lender used an Indian tribe and an empty computer server to make millions
(Pennsylvania) -- The nerve center of payday lending pioneer was – at least on paper – housed for years in a dilapidated shipping container parked on a dusty...

12/18/2017

article Supreme Court Rejects Tribal Lenders’ Petition to Avoid CFPB CID
(New York) -- On December 11, the U.S. Supreme Court rejected without comment a petition from online tribal lending entities to appeal a Ninth Circuit Court of Appeals...

12/13/2017

article Judge rejects tribal immunity for manager of auto lender
(Pennsylvania) -- A former co-manager of a tribal lender accused of collecting illegally high interest rates cannot escape the lawsuit against him by claiming tribal...

11/28/2017

article White House Memo Justifying CFPB Takeover Was Written By Payday Lender Attorney
(Washington D.C.) -- The lawyer who wrote the Office of Legal Counsel memo supporting the Trump administration’s viewpoint that the president can appoint Mick...
article Lawyer and the payday lender he advised are convicted
(Philadelphia) -- A corporate and banking lawyer has been convicted of racketeering conspiracy along with the payday lender he advised on how to avoid state caps on loan...
article NM, Native Group Urge Nix Of CFPB's Tribal Lenders Suit
(Kansas) -- The state of New Mexico and the National Congress of American Indians on Monday urged a Kansas federal judge to toss a Consumer Financial Protection Bureau...

11/27/2017

article Federal jury finds Main Line payday lender Hallinan guilty of racketeering conspiracy
(Pennsylvania) -- A former Main Line investment banker known as the “godfather of payday lending” was found guilty of racketeering conspiracy charges Monday...

11/22/2017

article Main Line payday lender's fate in hands of federal jury
(Pennsylvania) -- A federal jury weighing the racketeering conspiracy case against Main Line payday lending pioneer Charles Hallinan concluded its first full day of...

11/21/2017

article LEGAL BLOG: Oklahoma AG Sides With Tribal Defendants, Assails CFPB's Expansive Interpretation Of Enforcement Powers
(Kansas) -- In an amicus brief filed last week in the U.S. District Court for the District of Kansas, Oklahoma Attorney General Mike Hunter assailed the expansive...

11/20/2017

article CFPB Sues Tribal-Affiliated Online Loan Servicer for Collecting on Allegedly Void Loans
(Washington D.C.) -- On November 16, 2017, the CFPB filed suit in Montana federal court against Think Finance for activities connected to its tribal-affiliated internet...

11/18/2017

article Tribes see opening under Trump to reshape agency that targets lending industry
(Washington D.C.) -- The leader of an independent federal agency that has targeted the tribal lending industry will be stepping down, opening the door for President...

11/3/2017

article How a Main Line payday lender used an Indian tribe and an empty computer server to make millions
(California) -- The nerve center of payday lending pioneer Charles Hallinan’s multimillion-dollar business empire was – at least on paper – housed for...

10/14/2017

article Race car driver Scott Tucker convicted over payday loans
(New York) -- Race car driver and payday loan mogul Scott Tucker was convicted of racketeering charges stemming from a federal crackdown on lenders who prey on poor...

10/13/2017

article Auto Racer, Atty Guilty Of Running Criminal Payday Loan Empire
(New York) -- A Manhattan jury Friday found auto racer Scott Tucker and his attorney Timothy Muir guilty of operating a $2 billion criminal payday loan empire that...

10/10/2017

article Teacher: $200 payday loan pushed me to brink of bankruptcy
(Pennsylvania) -- With bills piling up, her credit shot, and a choice looming each morning of whether to spend her last dollars on food or on gas to get to work, high...

10/4/2017

article NAFSA to Congress: CFPB Targets and Actively Dismisses Tribal Sovereignty
(Washington D.C.) -- The CFPB has created a dangerous precedent by ignoring tribal sovereignty, says Native American Financial Services Association (NAFSA) Executive...

9/27/2017

article Tribal Atty Fined By FTC Testifies At $2B Payday Loan Trial
(New York) -- Lawyer Troy LittleAxe on Wednesday told Manhattan jurors hearing criminal charges against racer Scott Tucker and attorney Timothy Muir that the pair once...
article Testimony in payday-lending pioneer's trial likely to start
(Pennsylvania) -- Lawyers in the federal racketeering trial of payday lending pioneer Charles Hallinan on Wednesday spent a second full day screening potential jurors....

9/26/2017

article Lawyer's Email Boasts Shown At $2B Payday Loan Fraud Trial [sub req]
(New York) -- A Manhattan jury saw potentially damaging emails Tuesday in the criminal trial of race car driver Scott Tucker and lawyer Timothy Muir in which an...
article Main Line payday lending pioneer faces trial on Mafia-busting charges
(Pennsylvania) -- In nearly two decades of payday lending, Charles Hallinan survived repeated government efforts to crack down on his industry, making millions –...

9/19/2017

article Atty Tells Jury Tribe Grew Wary Of Racer's Payday Loan Plan (sub req)
(New York) -- An effort by racer Scott Tucker to involve California's Yurok tribe in a lending operation fizzled amid tribal concern it would have no role in the...

9/13/2017

article $2B Payday-Loan Hustle Hid Behind Tribes, Gov't Says [sub req]
(New York) -- Federal prosecutors went to trial Tuesday in Manhattan federal court against a racecar driver and a lawyer who allegedly stole $2 billion from consumers in...

9/10/2017

article NAFSA Files Amicus Brief in Key Tribal Sovereignty Case before the Supreme Court
(Washington D.C.) -- The Native American Financial Services Association (NAFSA) submitted an amicus brief this week in support of the plaintiffs in Great Plains Lending...

9/4/2017

article $2B Trial Puts Tribal Payday Lending In Spotlight [sub req]
(New York) -- Race car driver Scott Tucker and lawyer Timothy Muir are slated to stand trial soon on charges they ran an illegal $2 billion payday loan operation that...

9/1/2017

article $2B Trial Puts Tribal Payday Lending In Spotlight (sub req)
(New York) -- Race car driver Scott Tucker and lawyer Timothy Muir are slated to stand trial soon on charges they ran an illegal $2 billion payday loan operation that...

8/30/2017

article Las Vegas businessmen sentenced in Rocky Boy corruption case
(Montana) -- Two Las Vegas businessmen were sentenced to federal prison last week for their work in defrauding millions of dollars from the Chippewa Cree Tribe with the...

8/28/2017

article Two Las Vegas Executives Get Prison Time in Corruption Case
(Montana) -- Two Las Vegas businessmen have been sentenced to 20 months in prison for their roles in defrauding a Montana Indian tribe’s online lending company.

8/26/2017

article Roberts and Mazzara sentenced to prison for conspiracy to commit wire fraud
(Montana) -- According to the Department of Justice, Zachary Brooke Roberts and Martin Gasper Mazzara were sentenced to 20 months of prison and required to pay $2.5...

8/20/2017

article Feds end consumer measure that earned wrath of payday lenders, Republicans and sex industry
(Washington D.C.) -- The Department of Justice is ending an Obama-era policy that instructed banks to watch out for “high-risk” merchants that sought direct...

8/14/2017

article Tribal Lenders Ask High Court To Weigh CFPB's Jurisdiction (sub req)
(New York) -- A pair of tribal lending companies have asked the U.S. Supreme Court to review the Ninth Circuit’s conclusion that they must comply with civil...

7/24/2017

article Leawood payday lender Scott Tucker files appeal to overturn $1.26 billion fine
(Kansas) -- Payday loan businessman Scott Tucker wants an appeals court to toss out a $1.26 billion fine against him last year from a case filed by the Federal Trade...

7/10/2017

article Judge Denies Stay To Tribal Lending Cos. In CFPB Probe [sub req]
(California) -- A California federal judge on Friday rejected a bid by tribal lending companies to halt civil investigative demands by the Consumer Financial Protection...

6/20/2017

article Ga. Court Says Tribal Lending Co. Immune In Contract Row [sub req]
(Georgia) -- A Georgia appeals court on Monday tossed an arbitration award against a Native American tribe-owned lending company in a contract dispute, saying the...

6/7/2017

article Judge orders KC law firm to turn over client records in Scott Tucker payday lending case
(Kansas) -- A federal judge in New York has ordered Kansas City law firm McDowell Rice Smith & Buchanan to give prosecutors client records associated with a case it...
article OP/ED: Sorry House GOP, predatory lending oversight has bipartisan support
(Washington D.C.) -- The House of Representatives will vote Thursday on the Financial CHOICE Act, Rep. Jeb Hensarling's (R-Texas) attempt to repeal and replace the...

5/31/2017

article BLOG: Fourth Circuit Affirms Finding That Arbitration Agreement In Payday Loan Obtained Over The Internet Is Unenforceable
(USA) -- Plaintiff electronically signed a contract which contained: (1) terms governing the loan; (2) an agreement to submit disputes to arbitration; and (3) a choice...

5/22/2017

article CFPB Faces Increasing Challenges to Its Authority to Investigate Violations of Consumer Financial Laws
(Washington D.C.) -- Six years into its existence, the Consumer Financial Protection Bureau is facing increasing challenges to its authority. While Congress is...

5/12/2017

article CFPB targets tribal lenders for breaking state usury laws, could have far-reaching impact
(Illinois) -- An expert on consumer financing law says a recent action filed by the Consumer Financial Protection Bureau in Chicago federal court could have far-reaching...

5/7/2017

article Nevada firm, executives agree to pay Montana tribe $2.5M
(Montana) -- Three executives of Nevada-based consulting firm will pay a Native American tribe in Montana $2.5 million and face possible prison time for their roles in...

5/5/2017

article CORRECTED: Judge Sets Terms Of Racer’s $1.3B FTC Deal [surb req]
(Nevada) -- A Nevada federal judge has clarified that a $1.3 billion judgment the Federal Trade Commission won against professional auto racer Scott Tucker for running...

5/4/2017

article Nevada Firm, Executives Agree to Pay Montana Tribe $2.5M
(Montana) -- Three executives of Nevada-based consulting firm will pay a Native American tribe in Montana $2.5 million and face possible prison time for their roles in...

5/2/2017

article CashCall Can't Avoid Lending Suit With Sham Tribe Affiliation [sub req]
(New Jersey) -- CashCall and another loan service can’t escape a suit brought by a man who claims the lenders charged an illegally high interest rate on a $5,000...

5/1/2017

article Tribal-Affiliation Sham
(New Jersey) -- Advancing usury claims against CashCall Inc., a federal judge blasted the “sham dispute-resolution procedures” that the payday lender invoked...

4/29/2017

article CFPB, Online Lenders Spar Over Interest Rates, Tribal Law
(Washington D.C.) -- The Consumer Financial Protection Bureau has filed suit against four online lenders in California, accusing them of charging interest rates as high...
article Feds charge Indian tribal lenders for illegal practices
(California) -- Four online lenders owned by the tiny Northern California Habematolel Pomo Indian tribe charged triple-digit interest rates on small-dollar loans and...
article Feds: Tribe-owned online lenders collected on invalid debts
(Washington) -- Federal regulators sued four online lenders for collecting consumer debts they weren't legally owed, an area that is a prime source of consumer...
article Payday lenders selling illegal loans in Montana, federal banking regulators allege
(Montana) -- Four California-based, tribal-backed online payday lenders illegally sold high-interest loans to consumers in Montana and other states, federal banking...

4/28/2017

article Regulators take action against 4 lenders operating in Arizona, other states
(Arizona) -- Federal regulators are taking legal action against four small-dollar lending companies owned by a tiny California tribe, arguing that the loans are void and...

4/24/2017

article A Fight Between Native American Lenders And The Government Could Reach The Supreme Court
(Washington D.C.) -- High interest lenders owned by Native American tribes could take their dispute with the federal government to the Supreme Court, in a case that...

4/18/2017

article CashCall Blames Law Firm For Staggering Loss
(California) -- Asserting damages of more than half a billion dollars, consumer lender CashCall has sued Katten Muchin Rosenman and a top partner for malpractice,...

4/1/2017

article NAFSA Continues to Advance Indian Country’s Economy, Sovereignty
(Washington D.C.) -- Leaders and members of the Native American Financial Services Association (NAFSA) were in Washington, DC this week to meet with high-ranking...

3/29/2017

article Tribal Nation claims Connecticut lawyer violated open record laws by deleting social media
(Connecticut) -- The Freedom of Information Commission is close to deciding whether a former top banking official violated Connecticut’s open record laws when he...

3/15/2017

article Native American Financial Services Association Highlights Tribal Sovereignty, Online Lending as Presenting Sponsor of National RES
(Las Vegas) -- The Native American Financial Services Association (NAFSA) hosted a Financial Services Expo on Tuesday March 14, 2017 with tribal and industry leaders,...

3/2/2017

article State regulators reach million dollar settlement with internet lender
(Oklahoma) -- The Oklahoma Department of Consumer Credit says online lender, CashCall, exploited Oklahoma consumers. “This is the classic rent-a-tribe,” said...

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