U.S. states continue to work at regulating even the best payday loan companies. The focal point to this regulation is always to limit predatory lending power over customers who have difficulty coming out from under short-term loan debt. Some states ban the loans altogether while others cap rates and loan amounts. As Americans continue to struggle with their relationship with direct payday lending companies, the UK’s lenders are being warned for tougher regulations to come. There are many news stories from the UK about poor practices and extreme interest rates. With only … Continue reading →
The payday loan industry always seems to fall target to some opposing group. At the moment, there are six federal agencies probing into the practices of the online direct lenders. Both the Justice Department and the Consumer Financial Protection Bureau, The Federal Deposit Insurance Corp, the Office of the Comptroller of the Currency the Treasury’s Financial Crimes Enforcement Network and both attorneys general and financial regulators from several states have all set their sights on controlling the industry’s practices. There are so many different investigations over numerous categories within the … Continue reading →
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