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n>An online company that sells customer information to businesses making payday loans has agreed to pay a $1 million penalty and stop generating such leads in New York, the states financial regulator said on Thursday.

Blue Global LLC in Scottsdale, Arizona, and its chief executive officer, Chris Kay, agreed to the measures in a settlement with the New York State Department of Financial Services, or NYDFS, the regulator said.

The case is the first by the NYDFS to require that a company adopt measures to secure future personal information it collects about customers, NYDFS said.

Reaching this agreement is in our companys and our stakeholders best interests, and we will be complying fully with the terms of the consent decree, Kay said in a statement. The NYDFS settlement stems from certain prior business practices, Kay said.

A NYDFS investigation found that Blue Global misrepresented to consumers that it provided security for personal information submitted through its websites and that the measures were “completely 24/7 guaranteed,” the NYDFS said.

But Blue Global did not have security measures in place for sharing sensitive consumer information with third parties. The company sold information about potential borrowers that included sensitive personal data on about 180,000 New York consumers.

That information was made available to people who used details such as names, email addresses and bank account numbers in attempted frauds, the NYDFS said.

Blue Global also marketed online payday loans to New York consumers, even though the loans are illegal in the state, the NYDFS said.

Payday loans are small extensions of credit that borrowers agree to repay in a short time, such as when they next receive a paycheck.

Lenders who offer the products say they help people who are strapped for cash, but consumer advocates say borrowers often end up with high debt because of high interest rates, fees and rolling over the loans.

New York consumers were contacted by scammers after filling out payday loan applications on a Blue Global website. The scammers, in some instances, obtained advance payments from consumers to secure payday loans that were never issued, or threatened to collect loans that consumers had not made.

Blue Global, as part of the settlement, must disclose in advertisements that its payday loans services are not permitted in New York state. The company must also designate a compliance officer, among other measures.

(Reporting by Suzanne Barlyn; Editing by Cynthia Osterman and Peter Cooney)

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Advantages of Using Advance Payday Loans
Saturday, April 09th, 2016 | Author:

What do you have to think about online payday loans are at whatever point you have a cash issues, it can be your best cash mate. There are such a variety of good things about the simple payday loans. No credit check, no fax, bother free and so forth. These are the things that you have heard all the time about this kind of loans. What else do you have to think about it? Yes, there are still more. Give us a chance to demonstrate to it to you one by one.  We as a whole realize that the online payday loans does not oblige candidates to have any credit at all so we can get the loan effectively despite the fact that we do not have any credit by any stretch of the imagination. In any case, what number of you realize that getting an advance payday loans can really take recoup your credit on the off chance that your acknowledge is not in the same class as others or it can likewise develop your credit on the off chance that you are simply begin building up it.

Ensure you are making every one of the installments on time and never over acquiring have a loan and once you done that, a percentage of the banks reported this case to the huge credit agency and once they have the record on it that will truly set up ones credit.  Getting a simple payday loans is basic and simple and it helps you a ton, on the off chance that you have an installment due tomorrow and you have no real way to locate those minimal additional cash, you can simply get the transient advance payday loans and utilize it to payback the bills to stay away from all the late installment charge. You can really using so as to spare a considerable measure of cash online payday loans. Whether you are in surge of cash or working up of your credit, you can simply consider utilizing this kind of transient loan. So next time you do not need to stress where and how to get the cash. It is truly one of the best loans that you will ever have.

Heaps of individuals might consider utilizing the conventional bank loan and this is literally nothing amiss with it yet you have to comprehend that the customary bank loan requires a more drawn out time to handle and on the off chance that you require cash in a rush, this may not be the best decision and this is likewise one of the motivation behind why such a large number of individuals changing to get a loan from online payday loan moneylenders one thing that you ought to recall that is never acquire a loan from online payday loan moneylenders on the off chance that you are not certain the subtle elements of it or never consent to an agreement or arrangement without completely comprehension the terms and conditions.

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PORTLAND (WGME) – The Maine Bureau of Consumer Credit Protection is warning about debt collection scams targeting Mainers.

The calls are often aggressive and scary and are a violation of state and federal laws.

The Bureau of Consumer Credit Protection reports its getting reports from consumers about getting these disturbing calls at home and work. The warning comes during this weeks National Consumer Protection Week.

In response to this scam and other credit protection issues, the state has a series of free publications available, including one about issues around debt collection.

Debt collection scams often begin as online payday loans. Whether or not youve taken a loan, collectors call demanding repayment and pressuring you to pay off the debt before it gets worse.

I said now what youve done, youve put yourself on a suckers list. So the original bad people wont call you anymore, but they will have sold your name and contact information to some other nefarious characters and theyll call you, David Leach, Principal Consumer Credit Examiner, said.

Scam collectors often bully consumers into wiring money. Unlicensed debt collectors have no authority to collect money, even if the debt is legitimate.

The Bureau also put elder financial abuse on its list of credit protection issues targeting Mainers and said 14,000 of our states elders are abused every year, 40% of those cases involve financial exploitation.

Quite often its someone you know; its a relative, its a friend. They ask you to cosign a loan, use your credit card, and what you want to do as a senior citizen, hit pause, Leach said.

Leach said think twice before co-signing on any loan because youre liable for the entire debt.

While you may want to have your children oversee your financial affairs, keeping family and financial matters separate is often a good idea experts say.

Maines Top 10 Consumer Credit Protection Issues

  1. Recognizing Debt Collection Scams (Non-existent credit accounts)
  2. Debt Management Scams (Foreclosure rescue)
  3. Debt Management Scams (Credit Card APR Reduction – Rachel)
  4. Advance Fee Loan Scams (Canada and Europe)
  5. Buyers RemorseAutos
  6. Buyers Remorse – Student Loans
  7. Buyers Remorse – Credit Cards
  8. Elder Financial Abuse (Co-signing and Unauthorized Use of Credit Card)
  9. Data Breaches and Maines New File Freeze Law
  10. Unlicensed Payday Loan Scams/Interest and Fees above Maines Usury Laws
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By Evan Weinberger

Law360, New York (March 17, 2016, 5:05 PM ET) — A Canadian payday lender said that a Consumer Financial Protection Bureau lawsuit it faces should be tossed because the bureau does not have the authority to enforce state usury laws among other defects in what the lender called a shotgun complaint.

British Columbia-based NDG Financial Corp., which the CFPB alleges is the leader of a complex scheme involving subsidiaries throughout Canada and in Malta that offered online payday loans to customers across the United States, said that the bureau is attempting to enforce New York States…

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Feds Charge Brit in $22 Million Fraud Scheme
Saturday, March 19th, 2016 | Author:

LAS VEGAS (CN) – A grand jury has indicted a British man on federal fraud charges after prosecutors accused him of withdrawing $22 million from the bank accounts of hundreds of thousands of victims.
A 39-count indictment filed March 9 and unsealed this past Friday charges Texas resident Gareth David Long, 37, with wire fraud, aggravated identity theft and money laundering.
Long abused the sensitive personal and financial information of hundreds of thousands of Americans in a brazen scheme to steal millions of dollars from unwitting account-holders, Deputy Assistant Attorney General Benjamin Mizer said.
The indictment says that between 2008 and 2013, Long operated third-party payment-processing company V Internet Corp., based in Las Vegas, which gave him access to his victims personal and financial information.
Long deposited unsigned, remotely created checks drawn on the accounts of hundreds of thousands of account-holders to illegally withdraw $22 million dollars, the indictment says. Instead of using signatures, payment-processors use a typed statement indicating the account-holder authorized the payment on remotely created checks in order to withdraw money.
Although he had no authorization to charge the accounts, Mizer said Long told his victims banks that the debits were authorized. He used the money to buy airplanes, cars, farm equipment and other property, according to prosecutors.
The indictment says in January 2013, Long registered the websites, and, which claimed to help consumers find online payday loans.
From January through July 2013, Long deposited hundreds of thousands of remotely created checks valued at $30 and stated each account-holder had authorized a payment to Longs company. He also used stored data to debit more than a hundred thousand accounts that had previously been debited by Longs prior merchants, according to the indictment.
The indictment says Long also created and deposited hundreds of thousands of additional, repeat charges against accounts he already charged, and created and deposited more than 750,000 checks totaling over $22 million.
Mizer said about half of the checks were returned after account-holders reported the unauthorized charges, and some were returned because they were drawn on accounts that were nonexistent, closed or did not contain sufficient funds.
The Department of Justices Consumer Protection Branch discovered the fraud while investigating Longs bank, CommerceWest Bank.
The US Postal Inspection Service seized more than $2.9 million from V Internets accounts at CommerceWest Bank, and seized property Long bought with the money, including five airplanes, a Land Rover, a Dodge Charger, several tractors, five all-terrain vehicles and a fire truck.
The criminal indictment seeks forfeiture of a house and other property Long bought in Cedar Hill, Texas.

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In a defeat for authorities seeking to crack down on Internet payday lenders, a California appellate court affirmed dismissal of a complaint filed by a state financial regulator against five Indian tribe-affiliated lenders.

Following an investigation, the Commissioner of the California Department of Corporations (now the California Department of Business Oversight) filed a complaint against Ameriloan, United Cash Loans, US Fast Cash, Preferred Cash, and One Click Cash alleging the defendants provided short-term payday loans over the Internet in violation of California law. Specifically, the complaint which sought injunctive relief, restitution for consumers, and civil penalties claimed the defendants charged excessive loan fees, failed to provide customers with required written notices, and engaged in deferred deposit transactions, commonly referred to as payday loans, without a state license.

The two owners of the five companies Miami Nation Enterprises (MNE) and SFS, Inc. sought to dismiss the complaint based on tribal immunity as wholly owned corporations of the Miami Tribe of Oklahoma and the Santee Sioux Nation, respectively.

Both federally recognized Indian tribes submitted declarations about the companies relationship to their tribes and the economic benefits the tribes derived from operating the business. For example, MNEs board of directors consists of tribe members, while a wholly owned subsidiary processes and approves loan applications pursuant to underwriter criteria proposed by MNE. Profits from MNE and its subsidiary directly or indirectly fund government services for tribe members, the Miami Tribe said, and the cash advance business is a critical component of the Miami Tribes economy and governmental operations.

But the Commissioner pointed to the day-to-day operations of the cash advance businesses to argue that the lenders were actively operated and controlled by nontribal third parties not the tribes themselves or tribally owned corporations. The government also pointed to information obtained from the Federal Trade Commission that MNE and SFS received just one percent of the gross revenues from the cash advance and loan business, while the nontribal company retained the net cash flow, characterizing the relationship as a rent-a-tribe scheme.

The case turned on one question, the California Court of Appeal said: whether MNE and SFS and the businesses they operate function as arms of the tribe. The court focused its inquiry on whether the tribal entities were sufficiently related to their respective tribes to be protected by tribal sovereign immunity.

There can be little question that MNE and SFS, considered initially by themselves and without regard to the payday lending activities at issue in this enforcement action, function as arms of their respective tribes, the court wrote, noting that MNE was created directly under tribal law with the express intent to be covered by tribal sovereign immunity. [W]e believe the tribes method and purpose for creating a subordinate economic entity are the most significant factors in determining whether it is protected by a tribes sovereign immunity and should be given predominant, if not necessarily dispositive, consideration.

[T]he Miami Tribe of Oklahoma and MNE are closely linked through method of creation, ownership, structure, control and other salient characteristics; and, although the operations of MNE are commercial rather than governmentalhellip;extension of immunity to it plainly furthers federal policies intended to promote tribal autonomy, the panel said. The court reached a similar conclusion with regard to SFS, adding that because the reservation is in a severely depressed region, those profits are essential to maintaining a functioning tribal government able to provide necessary services to the tribes members.

The tribes relationship to the cash advance and short-term loan businesses was a slightly more complicated issue for the court. While day-to-day operations are handled by a third-party, nontribal entity, MNE and SFS have final decisionmaking authority to approve or disapprove any loans, and the operations are subject to the oversight and control of MNE and SFS, the court said.

In other words, MNE and SFS are not merely passive bystanders to the challenged lending activities, the court wrote. A tribal entity engaged in a commercial enterprise that is otherwise entitled to be protected by tribal immunity does not lose that immunity simply by contracting with non-tribal members to operate the business.

The panel emphasized that whether or not the tribes negotiated good or poor management agreements was irrelevant. In the end, tribal immunity does not depend on our evaluation of the respectability or ethics of the business in which a tribe or tribal entity elects to engage, the court wrote, affirming dismissal of the Commissioners complaint. Absent an extraordinary set of circumstances not present here, a tribal entity functions as an arm of the tribe it if has been formed by tribal resolution and according to tribal law, for the stated purpose of tribal economic development and with the clearly expressed intent by the sovereign tribe to convey its immunity to that entity, and has a governing structure both appointed by and ultimately overseen by the tribe.

To read the decision inCalifornia v. Miami Nation Enterprises, clickhere.

Why it matters:The ruling was a blow to regulators seeking to crack down on the allegedly illegal payday lending businesses conducted by arms of Indian tribes (clickherefor our previous newsletter). Rejecting the Commissioners argument that the lenders were engaged in egregious, deceptive and exploitive practices prohibited by California law, the court said the relevant inquiry for tribal immunity was not the equities involved but a pure jurisdictional question. However, the court noted that its outcome was not a stamp of approval for the cash advance and short-term loan businesses. [W]e obviously take no position in the policy debate over the general undesirability or predatory nature of online payday loans and express no view on the merits of the Commissioners allegations that the cash advance and short-term loan services offered by the tribal entities violate [state law], the panel wrote.

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Online payday loans michigan
Monday, April 14th, 2014 | Author:

Report violations of the Truth in Lending Act to the Federal Trade Commissions Consumer Response Center. You also need to consider that lenders may well have conditions in online payday loans michigan that determine who they give cash to ? if you dont match them you wont be able to get a long term loan. Ideally, 2013One sector of the finance industry that has been impacted massively by the internet is the unsecured market and more specifically lenders offering loans to those with bad credit, payday loan) services online, signing your car over for a high-interest loan has become a serious financial issue. Every time you make a change you must accept the terms and conditions. It doesnt seem pleasurable! Sign up to receive email updates and to hear whats going on online payday loans michigan the BBCTC. When you apply for a payday loan, therefore no faxing alternative seems so alluring. Sometimes its good to go back to basics lol. There is a big difference. Try to get approved for a loan at a bank or credit union.

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Payday loan collection scams escalating
Wednesday, March 26th, 2014 | Author:

Improved state and federal laws have reduced the rate of predatory lending by most brick and mortar payday loan companies, but online payday loans operations continue to pose a risk for fraud and identity theft.

Somewhere out there, scammers have enough of Kathy Popes information to try to shake her down.

The phone scam targets people who applied for pay day loans or received and repaid the loans years ago. Pope recently received an email from one of her supervisors- about a message from a man named Rhyan. ( Debt collectors are not supposed to call your employer.) Not suspecting a problem, she returned the call.

You have an unpaid pay day loan. and I said, I do? And he said from 2008 and I said 2008? Pope said.

She said the man told her she owed more than $1,600 in principal, interest and late fees on a $305 payday loan from nearly 6 years ago.

Well I knew right then something was up, Pope continued. Payday loan companies dont wait years to collect their money. They dont even wait 30 days to contact you if youre late.

Pope said Rhyan refused to provide any documentation about the debt, and made repeated threats about taking her to court, which is illegal.

And he said Well, we are going to be serving you with legal papers, either at your work, or at your home, Pope explained. That I would get served with papers and I would have to go to court.

In many cases, debt collection scammers pose as police- or threaten to send police to arrest you and have you thrown in jail. The State Department of Financial Institutions says payday loan collection scams are growing.

According to DFI Director of Consumer Services Deb Bortner, most scam targets have started an application process for a payday loan online. Many change their minds and dont go through with the loan, opting to go with a brick and mortar payday lender instead. But all the online information is gathered by what are called lead generators- who sell the information to a variety of payday loan businesses- including, perhaps unknowingly, to bogus collection agencies.

Bortner says the growing threat of payday loan collection scams, along with the growing problem of illegal and unlicensed offshore internet lenders- make it crucial for you to be cautious about online payday lenders- and know your debt collection rights: Collectors cannot call you at work. They cannot make legal threats of any kind. And they must provide written documentation of all debt theyre trying to collect.

You say I owe you money. Show me something! said Pope.

She says the scammer finally hung up after she asked him a string of pointed questions and shot down his answers and attempts to intimidate. He finally realized Pope wasnt born yesterday. Turns out she a municipal court clerk who has worked in law firms for 25 years.

If you have a concerns about a specific debt collectors activities, file a complaint with the Federal Trade Commission and the State Attorney General, as well as DFI. And if the suspicious or fraudulent activity involves the internet, cell phone or any wireless technology- also file a complaint with the Internet Crime Complaint Center, also known as IC3. Finally, before you apply for any pay day loan, make sure you understand the laws regarding payday lenders.

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Four Oaks, NC: Victims of Internet payday loan proprietors and the predatory interest rates they charge have a friend in the US Justice Department. As various states have taken matters into their own hands and launched Internet payday loan lawsuits against Internet lenders, the feds have launched their own initative. Dubbed “Operation Choke Point,” the investigation is not directly targeting the lenders themselves, but rather the banks that allow them to process their exorbitant fees in the first place.

The Internet payday loan industry has grown exponentially with the increase in e-commerce, as more and more consumers go online for everything from purchasing products to paying their bills. In so doing, Internet payday lenders have been able to circumvent state-by-state regulations that govern storefront payday loan lenders in terms of interest rate caps. Internet lenders are not only unlicensed for the state in which their customers reside, they don’t adhere to the various interest rate caps that individual states maintain. Thus, it is not unheard of for Internet payday loan customers to pay an effective annual interest rate of well over 1000 percent.

Various states have been cracking down, by way of Internet payday loan lawsuits. Now, according to the New York Times (1/27/14), the feds are getting into the act. However, instead of targeting the lenders themselves, the US Justice Department is going after the banks who deal with third parties and various other middlemen that facilitate the transactions.

In January, the Justice Department brought a lawsuit against Four Oaks Bank of Four Oaks, North Carolina. The bank was accused by the feds of being “deliberately ignorant” in processing payments on behalf of various unscrupulous merchants – including Internet payday lenders and a Ponzi scheme.

In so doing, Four Oaks is accused of serving as an enabler for the illegal withdrawal of some $2.4 billion from checking accounts.

The New York Times noted that the Bank Secrecy Act requires banks to maintain a series of internal checks to counter any attempts at money laundering. However, financial services extended to such third-party payment processes have largely flown under the radar until now.

According to the New York Times, the Justice Department is not limiting its investigation to Four Oaks. The feds are weighing various civil and criminal actions against dozens of other banks, and have issued subpoenas to more than 50 payment processors and banks that provide services to the Internet payday loan industry.

The investigation is not without its detractors. Representative Darrell Issa (R-California) heads the House Oversight Committee and accuses the Justice Department of attempting to covertly quash the payday lending industry.

However, such criticism doesn’t fly with James Dillon of Trinity, North Carolina. Dillon, a plaintiff in an Internet payday loan lawsuit, took out various short-term loans in 2012 and 2013 in order to buy Christmas gifts for his children. Some of those loans charged him an effective annual interest rate of greater than 1000 percent. He had a checking account at Wells Fargo, which the New York Times describes as having been “ransacked” by Internet payday lenders. His bank statements reveal that lenders routed payments through Four Oaks.

According to the investigation, not only does the bank profit from fees charged by the banks to third-party payment processors, there is also money to be made when payments viewed to be unauthorized are returned. For example, according to the New York Times report, in 2012, more than half of the payments to one Internet payday loan merchant routed through Four Oaks were returned, representing a rate higher than 40 times the industry standard.

That means money for Four Oaks and any other bank involved in processing payments through third-party merchants and middlemen, according to the New York Times. As an illustration, when a consumer spots what appears to be an unauthorized withdrawal from a checking account and requests the funds to be returned, the action triggers a processing fee that can dwarf the original fees charged by the bank for processing the original withdrawal.

The “deliberate ignorance” accusation against Four Oaks by the US Justice Department is best illustrated by the bank’s relationship with Rex Ventures, an investment firm that has since been shuttered. The feds accused Four Oaks of continuing to enable Rex Ventures, even after determining that one of the top executives associated with Rex Ventures had used a false Social Security number, and that the address listed as the company’s headquarters turned out to be a “vacant lot,” according to court documents.

And yet, Four Oaks allegedly continued to allow Rex Ventures to process payments. At the point when the US Securities and Exchange Commission closed down Rex Ventures in August 2012, the company stood accused of duping investors out of $600 million.

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McDaniels lawsuit against Traditional western Sky Financial, CashCall Incorporation., WS Funding, Martin A new. Webb in addition to J. Paul Reddam claims that the defendants offer online pay day loans with rates of interest as high as 342 percent in violation regarding Arkansas regulation.

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