FTC, CFPB Take Action against Payday Lenders
This week, the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) announced lawsuits against two payday lenders. Both payday lending networks are accused of illegally extracting interest payments and fees from consumer accounts without consumer knowledge or consent. Both agencies have taken legal action to halt the lenders' activities. Gary Kalman, executive vice president of CRL, issued the...