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CashCall Ordered to Pay $167 Million in High-Interest Loan Case

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

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

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

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

Car Repair Shops Luring Customers Into Predatory Loans

Car Repair Shops Luring Customers Into Predatory Loans

A Utah bank is helping car repair shops lure customers into loans that can carry annual interest rates as high as 189%, even though such loans are illegal in many states, a report from the Stop the Debt Trap coalition warns. “Loans at 189% are illegal in most states, but

When Is a Loan Not a Loan?

When Is a Loan Not a Loan?

Everyone knows that using credit to make purchases is handy but can also be expensive and risky to your financial well-being. Using cash is sometimes better but can deplete your cash supply. That’s where something called “Buy Now, Pay Later” comes in. It’s not exactly a new idea,

Predatory Payday and Car Title Loans Targeted by Senate Bill

Predatory Payday and Car Title Loans Targeted by Senate Bill

Payday and car title loans trap millions of consumers in a revolving cycle of debt every year despite attempts by states and consumer activists to restrict them. That could change if a U.S. Senate bill reintroduced by Sen. Sherrod Brown (D-Ohio) and others passes. The Veterans and Consumers Fair