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Payday lender hit with $10 million fine

Discussion in 'BlackHat Lounge' started by bartosimpsonio, Jul 13, 2014.

  1. bartosimpsonio

    bartosimpsonio Jr. VIP Jr. VIP Premium Member

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    Well shit there goes my papal monkes.

    sfbay.ca/2014/07/12/payday-lender-slapped-with-10-million-bill/
     
  2. spmcnerd

    spmcnerd Regular Member

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    We have problem w/ buy auto on every corner.
    Somehow lending money on vehicles already attached to an unpaid loan.
     
  3. zebrahat

    zebrahat Elite Member

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    The article reads like a classic press release prosecution, with nothing actually proved. The company settled (as most businesses do) to end the matter without spending expensive years fighting it in court. The bureaucrats basically shook down a provider who offered high interest loans that the market demands, that the banks can't deliver, for being (naturally) assertive about pursuing collection on higher-risk borrowers. The banking interests connected to the regulators sure don't like competition.
     
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  4. Alldoe300

    Alldoe300 Newbie

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    Wow 10 mil :0 that's gotta hurt.
     
  5. 3eester

    3eester Jr. VIP Jr. VIP Premium Member

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