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But New Yorks was the first public action against such a wide range of players in the online meaning cash loan lending industry. It follows a strategy outlined this spring in citibank india personal loan foreclosure speech by the head of the federal financial fraud task force: Cutting off lenders access to the banking system.
If we can stop the scammers from accessing consumers bank accounts - then we can protect the consumers and starve the scammers, said Michael Bresnick, the former federal prosecutor who directs the task force, in written remarks before the Exchequer Club of Washington, D. No meaning cash loan focused only on companies with a clear connection to the financial crisis, the group wants to protect consumers from mass marketing fraud schemes - including deceptive payday loans, he said.
"Mass market fraudsters" Referring to online payday lenders repeatedly as mass market fraudsters, Bresnick said the working group meaning cash loan focused on banks and payment processors that make it possible for online lenders to operate in states where their loans would be illegal. Bresnick lumped in online "deceptive payday loans" with more clear cut fraudulent industried like fake health care discount cards and phony government grants.
Payday lenders offer short-term loans of a few hundred dollars, mainly to poor, cash-strapped customers. Until about five years ago, they operated mainly out of storefronts that offered a range of money services to people who cant or wont use traditional banks. Consumer advocates have long called for stricter limits on the industry, which ensnares many borrowers in a cycle of borrowing anew to repay a previous loan and which can charge interest rates that exceed 1,000 percent.
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