Ruling Opens Door To CFPB Enforcement Of State Usury Laws
Law360, New York (September 2, 2016, 6:49 PM EDT) -- A California federal judge's decision Wednesday allowing the Consumer Financial Protection Bureau to enforce state-level usury laws against payday lender CashCall Inc. could further embolden the agency by giving it an avenue to punish firms for charging inordinately high interest rates, experts say.
The central battle in the CFPB's case against CashCall was whether the California-based company was the "true lender" on the loans issued to customers in 16 states, or if a different company based on a Native American reservation retained that status because consumers took out the loans from that firm. By siding with the CFPB on that key...
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