Category Archives: Uncategorized

If you’re interested in Tribal lending, you have to read Hilary B. Miller’s article titled:  The Future of Tribal Lending Under the Consumer Financial Protection Bureau. My take is that the CFPB would not initially go after the Indian tribes.  Rather through discovery of the Tribal Lending Entity (TLE), they could track down their “arms” […]

The New York Times is causing a lot of damage to the online lending industry. First up is Chase: “Dimon Pledges to Change JPMorgan’s Practices on Payday Loans.” I think the online lending industry might have just screwed itself.  It was in the form of a completely unnecessary risk.  Six lenders ach’ed a dead account, received […]

The New York Times bashed banks that help move money for off shore payday lenders.  The article is titled “Major Banks Aid in Payday Loans Banned by States” The article itself is typical of most articles on payday lending.  It’s sensationalized and it selects a small sample as a baseline for judging the entire short-term loan industry.  Definitely worth […]

Cordray said the agency is focusing on four red flags: deceptive practices debt traps structural roadblocks such as inaccurate credit reporting discrimination The CFPB was  founded, in 2011, as a result of the Dodd–Frank Wall Street Reform and Consumer Protection Act.  It is a knee jerk reaction to the recession created by the housing bubble.  Do we […]

The Minnesota attorney general has settled with a Delaware based company SureCash.com.  For appr. 1,200 loans, Sure Cash agreed to pay $760,000 in restitution.   My math says about $633 per loan.  

It seems like a petty argument by the governing body .  “The Ministry branch has been seeking since September to force The Cash Store to deliver payday loans in cash rather than electronically. But, the Cash Store says, electronic distribution is “much safer and efficient” and it is “unwilling to place employees and customers at […]

Things are looking very positive for (payday) lending in 2013.  I’m going to make the prediction that the name “Payday” is going away.  High interest / high risk loans are not going anywhere.  I think the concept of paying a loan in 2 weeks is going by the wayside.   It makes the situation uncomfortable […]

Here is how the state of Illinois treats lenders that try and follow the rules. There are states that are fair, but Illinois is not one of them. They will fine you $1,000 for a $300 loan. Does this make sense? Every month they post their fines. Here is September’s Fine Report. I guess this […]

This Illinois law goes into effect on January 1, 2013.  Sponsored by Sen. William Haine (D-Alton) and Rep. Greg Harris (D-Chicago), HB 3935 provides consumers with greater protections by putting teeth into the penalty and declaring any such loan as “null and void.” Under existing law, the IDFPR may issue a cease-and-desist order to anyone […]