The Consumer Financial Protection Bureau sued CashCall Inc., saying the Anaheim, Calif. lender, its owner, and related firms used American Indian trial law to purchase, service, and collect on consumer loans that were void or partially nullified under state interest rate limits and licensing restrictions (Consumer Financial Protection Bureau v. CashCall Inc.).
The 23-page complaint filed in the U.S. District Court for the District of Massachusetts already is shaping up as a significant test. It marks the first such suit by the new consumer watchdog involving what it calls “regulatory-evasion schemes” by small-dollar lenders and payday lenders that ...
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