Fights over tribal payday lenders show challenges of financial reform

By Michael Hudson and David Heath

High-interest payday lenders are teaming up with Native Americans to shield their online businesses from lawsuits and consumer-lending regul

Excerpts from this story referencing "Ameriloan":

"… ays she paid an annual interest rate of 521 percent on a cash advance from Ameriloan, which claims a relationship with the Miami Nation of Oklahoma.When she fo …"

"… e and Preferred Cash Loans, which ran various websites under names such as Ameriloan and One Click Cash.After months of silence from the Nevada-based companies …"

"… 07, when the state Department of Corporations went to court to try to stop Ameriloan, US Fast Cash, One Click Cash, and other online lenders from doing busines …"

"… “economic subdivision” of the Miami Tribe of Oklahoma and that it used Ameriloan and US Fast Cash as trade names in its payday lending business. Another co …"

Broad reach of new consumer financial agency may fall short in some areas

By David Heath

The Consumer Financial Protection Bureau that opens on July 21 faces Republican lawmakers who want to chip away at its power, companies that

Excerpts from this story referencing "Federal Deposit Insurance Corp":

"… ligence, these same regulators — the Comptroller of the Currency and the Federal Deposit Insurance Corp. — will be in charge of enforcing new rules crafted by the Consumer Fina …"

Buyer beware

By David Heath

New consumer agency powerless against dishonest auto lending practices

Excerpts from this story referencing "Bernard Brown":

"… prosecutions of auto dealers for fraud has become a lifelong obsession for Bernard Brown, a consumer lawyer in Kansas City.Now a leading authority on car fraud, Br …"

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Borrower Nightmares: Small town teacher seeks help for big debt, ends up in bankruptcy

By Shirley Gao

Illinois, W.Virginia sue debt settlement companies for using loophole to charge high up-front fees

Excerpts from this story referencing "Better Business Bureau":

"… alone in claiming that Morgan Drexen’s work failed to bring results.The Better Business Bureau, which said it has received some 217 customer complaints in the past three …"

Payday lending bankrolls auto racer's fortune

By David Heath

Race car driver Scott Tucker hides business behind Indian tribes

Excerpts from this story referencing "Better Business Bureau":

"… d more desperate and unproductive behaviors.”In the past five years, the Better Business Bureau of eastern Oklahoma has received more than 2,000 complaints about payday l …"

In trouble from an online payday loan? You might not have to repay it

By David Heath

Regulators urge people not to repay illegal online payday loans

Excerpts from this story referencing "Ameriloan":

"… ns worked the same way. The man from Puyallup, Wash., expected the lender, Ameriloan, to deduct $457 from his bank account on his next payday to pay off the lo …"

"… eeks after getting the loan last February, he was shocked to discover that Ameriloan had withdrawn only $105 and that he still owed $450 on his $350 loan. Coon …"

"… oons, like many borrowers, had not carefully read the fine print. In fact, Ameriloan was allowed to “renew” the loan every two weeks, withdrawing $105 seve …"

"… ouch with the state Department of Financial Institutions and was told that Ameriloan is not licensed in the state of Washington to make payday loans.As a resul …"

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Government bans robocalls? Not so much

By Ben Protess

FTC ban on telemarketing doesn't extend to insurance companies, telephone carriers, politicians or charities

Excerpts from this story referencing "Better Business Bureau":

"… rs, she said. “It’s the same annoying problem.”A spokeswoman for the Better Business Bureau said that most of the robocall complaints it receives concern offers to mo …"

Courts debate validity of Indian-owned payday lenders

By David Heath

Sale of payday-loan business to Indian tribe made to avoid state oversight, attorneys general say

Excerpts from this story referencing "Better Business Bureau":

"… th Indian tribes. Thousands of borrowers have complained to states and the Better Business Bureau that these loans are misleading and predatory, charging up to 800 percent …"