Minnesotas attorney general has settled or won rulings against eight online payday lenders - most recently, an 8 million ruling in May against a company that operated without a state license. Last month, Virginia sued a different lender on similar grounds. But New Yorks was the first public action against such a wide range of players in the online payday lending industry. It follows a strategy outlined this spring in a speech by the head of the federal financial best cash loans mauldin 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 personal loans mobile al federal prosecutor who directs the task force, in written remarks before the Exchequer Club of Washington, D. No longer focused only on companies with a clear connection to the financial crisis, the group wants to protect consumers from best cash loans mauldin 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 is focused on banks and payment processors that make it possible for online lenders to operate in states where their loans would be illegal.
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