The individuals are charged with conspiring to deceive banks into allegedly processing more than $150 million in credit and debit card payments on behalf of merchants involved in prohibited and high-risk businesses.
Congress on Thursday overturned a set of regulations enacted in the final days of the Trump administration that effectively allowed payday lenders to avoid state laws capping interest rates.
Inspired by horror stories about high-interest lending practices during the Great Recession, Andy Posner switched careers and established The Capital Good Fund while studying environmental issues. Ten years later, the nonprofit lender is one of the fastest growing ones in the country.
The nation’s federal financial watchdog said Wednesday that it plans to abolish most of its critical consumer protections governing payday lenders.
The U.S. House Financial Services Committee yesterday approved legislation that would change the payday lending rule, according to Credit Union Times.
