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CashCall Owes $10M After CFPB Sought $287M At Trial

Law360, Los Angeles (January 19, 2018, 10:33 PM EST) -- CashCall Inc. will have to pay a $10 million penalty for offering high-interest loans via a tribal lands-based firm in states where payday loans are barred, but a California federal judge Friday denied the U.S. Consumer Financial Protection Bureau’s bid for $287 million in restitution and penalties.

U.S. District Judge John F. Walter ordered CashCall and its affiliates to pay the statutory penalty in light of his September 2016 finding that the company was the “true lender” of payday loans that were issued to borrowers in 16 states by a firm based on the Cheyenne River Sioux Tribe’s reservation, according to findings...

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