Yesterday the CFPB and FTC announced split actions against two online payday lenders operating basically the same so-called scam. Both “lenders” accumulated consumer that is detailed from lead generation web sites or information agents, including bank-account figures, 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 fully improve consumer credit rating guidelines, identification theft defenses, item security laws and much more. Ed is co-founder and leader that is continuing of coalition, People in the us For Financial Reform, which fought for the Dodd-Frank Wall Street Reform and Consumer Protection Act, including as the centerpiece the Consumer Financial Protection Bureau. He had been granted the customer Federation of America’s Esther Peterson customer Service Award, Privacy Overseas’s Brandeis Award, and various yearly “Top Lobbyist” honors through the Hill as well as other outlets. Continue reading “CFPB, FTC Take Separate Actions Against Two Prohibited On The Web Payday “Cash-Grab”Schemes”