NY Payday Lender Crackdown May Be Tough Act To Follow
By Evan Weinberger (August 13, 2014, 6:02 PM EDT) -- Manhattan District Attorney Cyrus Vance's Monday criminal action against a Tennessee-based online payday lender has raised alarms inside the industry, but whether prosecutors in other jurisdictions will be able to follow Vance's aggressive lead remains in question.
Vance's indictment of MyCashNow.com creator Carey Vaughn Brown and two other individuals linked to the online payday lender alleges they built a complex mechanism that violated the state's usury laws and payday lending ban by using different legal entities around the country and in the British Virgin Islands.
The indictment comes as prosecutors and regulators in New York and other states, as well as the...
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