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CFPB, FTC Take Separate Actions Against Two Illegal Online Payday ;Cash-Grabt Schemes

CFPB, FTC Take Separate Actions Against Two Illegal Online Payday ;Cash-Grabt Schemes

Yesterday the CFPB and FTC announced split actions against two online payday lenders running basically the same scam that is alleged. Both "lenders" built-up detailed customer information from to generate leads internet sites or data agents, including bank account numbers, then deposited purported payday loans of $200-300 into those reports electronically, after which accumulated biweekly finance fees "indefinitely,"

Author: Ed Mierzwinski

Started on staff: 1977B.A., M.S., University of Connecticut

Ed oversees U.S. PIRG’s consumer that is federal, assisting to lead nationwide efforts to really improve consumer credit rating regulations, identification theft protections, item security laws and much more. Ed is co-founder and continuing frontrunner regarding the coalition, People in america For Financial Reform, which fought for the Dodd-Frank Wall Street Reform and customer Protection Act of 2010, including as the centerpiece the buyer Financial Protection Bureau. He had been awarded the buyer Federation of America's Esther Peterson Consumer provider Award in 2006, Privacy Overseas's Brandeis Award in 2003, and various yearly "Top Lobbyist" honors through the Hill as well as other outlets. Ed lives in Virginia, and on weekends he enjoys biking with buddies from the numerous neighborhood bike tracks.

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