CFPB Says Online Loan Scheme Gouged Borrowers

Law360, New York (December 16, 2013, 3:25 PM EST) -- The Consumer Financial Protection Bureau on Monday filed its first online lending lawsuit, accusing companies involved with loans purportedly governed by tribal law of engaging in unfair, deceptive and abusive loan collection practices, including charging interest rates of up to 343 percent.

Anaheim, Calif.-based CashCall Inc., WS Funding LLC, Delbert Services Corp. and J. Paul Reddam, the owner of all three businesses, violated the Consumer Financial Protection Act by seeking to collect on loans that were void or partially nullified because they violated either state caps...
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