Tagged: payday

The FCA Rebukes PayDay Lenders in Dear CEO Letter

The UK Financial Conduct Authority (FCA) has sent a “Dear CEO letter” to lenders of high-cost, short term credit, aka payday loans, admonishing these platforms for an increase in “complaints about affordable lending.” The complaints also reference problematic “chain of loans,” or stacking, that may… Read More

Online PayDay Lender Wonga Goes Into Administration

UK online lender Wonga has entered into the process of administration. According to a note provided by the Financial Conduct Authority, Wonga and its affiliates have decided to pursue bankruptcy proceedings and have enlisted the assistance of Grant Thornton whois  in the process of being appointed… Read More

Bureau of Consumer Financial Protection Settles PayDay Loans Lawsuit, Imposes Hefty Judgement that is Unlikely to be Paid

The Bureau of Consumer Financial Protection (previously known as the CFPB) has reported that a federal district court in the Western District of Missouri has entered an Order effectuating a settlement between the Bureau  and Richard Moseley, Sr., Richard Moseley, Jr., and 20 interrelated corporate… Read More

Elevate Milestone: Customers Have Saved More Than $3 Billion Over PayDay Loan Alternatives

Elevate Credit, Inc. (Elevate), a tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, announced on Monday its customers have saved more than $3 billion to date, versus what they would have paid for payday loans. $1.3 billion was saved in 2017… Read More

PayJoy Partners With Vodacom & CBA to Bring Smartphone Financing to Tanzania

PayJoy, a San Francisco fintech startup, announced this week it has teamed up with Vodacom and CBA to bring smartphone financing to the country of Tanzania. The company reported that this strategic collaboration will utilize the parties’ experience and expertise in technology, and financial services to… Read More

Changes at the Consumer Financial Protection Bureau: Acting Director Mulvaney Calls for Review

The passing of the baton from former Consumer Financial Protection Bureau (CFPB) Director Richard Cordray to acting Director Mick Mulvaney was rife with confusion and questions all driven by parochial politics. In a snub to the President’s prerogative of appointing a new Director, Cordray decided to… Read More

CFPB Orders LendUp to Pay-up $3.63 Million in Refunds & Penalties

The Consumer Financial Protection Bureau (CFPB) has ordered LendUp to pay approximately $1.83 million in refunds and pay a civil penalty of $1.8 million. The enforcement action was taken as the “online lender did not help consumers build credit or access cheaper loans” as the… Read More

Big Fine: CFO Lending Provides £34 Million Redress for Unfair Lending Practices with FCA Agreement

The Financial Conduct Authority (FCA) has slapped down CFO Lending, a payday loan firm, for unfair lending practices.  CFO Lending also operated as Payday First, Flexible First, Money Resolve, Paycfo, Payday Advance and Payday Credit. According to the FCA, CFO Lending will provide over £34… Read More

CFPB Rallies Support for Proposed Payday Rules as Congressman Hensarling Questions Limiting Access to Credit

The Consumer Financial Protection Bureau announced a proposed set of rules today designed to curtail abuses within the Payday lending industry. CFPB Director Richard Cordray released a prepared statement on the proposal explaining; “..our research has shown that too many of these loans trap borrowers… Read More

CFPB Targets “Payday Debt Traps” in New Rules for Payday Lenders

The Consumer Financial Protection Bureau (CFPB) has proposed rules targeting the Payday lending industry requiring lenders to assure consumers have the ability to repay the loans.  The CFPB described the proposal as “ending payday debt traps.”  The rules would impact not just Payday lenders but… Read More

Google to Block PayDay Loan Ads in July. Keeps the Good Ones

David Graff, Director of Google Global Product Policy, posted last week that Google has decided to terminate PayDay loan ads.  More specifically any loan ads when repayment is due within 60 days of the issue date. Google has periodically purged unwanted advertisements from their Adwords… Read More

Uncle Buck Receives FCA Approval

Uncle Buck, a short term or payday lender, has received Financial Conduct Authority authorisation (FCA), according to information provided by the platform.  Representatives state the FCA approval comes following extensive assessment of business practices and management. Uncle Buck has welcomed the increased regulation of the… Read More

FCA Disciplines Another PayDay Lender. CashEuroNet Pays £1.7 Million to Affected Customers

The Financial Conduct Authority (FCA) has admonished another PayDay lending platform for shoddy service.  The FCA has compelled CashEuroNet UK LLC to provide redress to 3,940 customers regarding poor lending practices.  Approximately £1.7 million will be returned to borrowers using the platform that traded under… Read More

FCA Publishes Response to CMA on Payday Lending on Heals of Fine to Payday Lender Dollar

The Financial Conduct Authority has published their response to the Competition and Market Authority payday lending investigation.  The FCA said it had “worked closely with the CMA” regarding the market investigation.  The consultation paper is accepting feedback until January 28th, 2016.  The proposal by the… Read More

Send this to a friend