Editor’s note: The CFPB, a federal agency, has proposed new rules for payday, car title, and high-cost installment lenders.
BUT, they need to hear from consumers- that means you! We have an easy-to-use page where you can weigh in- it only takes a minute and will help bring about important consumer protections with these loans. Please share a line or two in the comments box about why you care about this issue and want to see strong federal reforms.PS: You do NOT have to be a payday, car title, or installment borrower to sign the petition.
More enforcement against payday lenders!
The Federal Trade Commission (FTC) has reached a settlement with some defendants in its case against the web-based payday lending company AMG Services Inc. The FTC had sued AMG, alleging that defendants threatened borrowers in debt collection calls and violated the Electronic Fund Transfer Act (EFTA).
According to News Room America, “The FTC has sued a number of payday lenders for engaging in unfair and deceptive practices against consumers.”
A United States Magistrate judge found that AMG could not avoid the FTC Act, the Truth in Lending Act, and the Electronic Fund Transfer Act, by aligning themselves with American Indian tribes.