Federal agencies investigating online payday lenders
The Justice Department and the Consumer Financial Protection Bureau have sent civil subpoenas to dozens of financial companies, including the online lenders, many of which are located on Indian reservations to avoid complying with consumer protection laws. Also subpoenaed were banks and payment processors that do business with them, according to government and industry officials familiar with the probe. The people spoke on condition of anonymity because they were not authorized to discuss it.
The government is using a range of tools — anti-money laundering laws, routine oversight of banks’ books, subpoenas and state laws — that could snuff out an entire category of lenders who contend they are operating lawfully.
Re: Federal agencies investigating online payday lenders
They can use the reservations to bypass state regulations, but not federal. I do understand there are certain "soverign state" concerns that come into play, but there has to be some sort of regulation on these.
Starting Score: 504 July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013 Goal Score: All Scores 760+, Newest goal 800+ Take the myFICO Fitness Challenge Current scores after adding $81K in CLs and 2 new cars since July 2013 EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.