ARLINGTON, Va. (January 12, 2022)—According to a recent study released by three leading economists, Illinois’ strict interest rate cap on personal loans has “significantly decreased…
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ARLINGTON, Va. (January 11, 2022)—The Consumer Financial Protection Bureau (CFPB) today released a proposed rule that would create new reporting requirements for supervised, non-depository financial…
Small Loan Companies Already Leaving the State In advance of New Mexico’s 36 percent rate cap on small dollar loans taking effect on January 1,…
After the Fifth Circuit Court of Appeals issued a ruling on Wednesday night finding that the Consumer Financial Protection Bureau’s funding mechanism violated the U.S….
ARLINGTON, Va. (October 7, 2022)— One of the Online Lenders Alliance’s core missions is to protect consumers by ensuring that the companies they choose for…
OLA In the News
One of the newest consumer scams involves debt collectors who bully consumers into paying debts they don’t owe.
One scheme, which has bilked U.S. consumers out of some $5 million so far, involved about 8 million phone calls originating in India. They were placed to American consumers over an eight-month period, the Federal Trade Commission said Tuesday.
A federal judge in Chicago moved to shut businesses that allegedly used illegally obtained personal financial data to make threatening debt collection calls from India to thousands of consumers who didn’t owe them money.
(CHICAGO) (WLS) — The Federal Trade Commission warns consumers about what they call fraudulent debt collectors.
The agency says the companies included in a new lawsuit prey on people who have used online payday loan services. The lawsuit was filed against two companies and one individual. Officials say they used threats and scare tactics to get people to make payments they do not really owe.
A phone scam in which callers in India posed as debt collectors bilked millions of dollars out of more than 10,000 U.S. residents by using threats of arrest or the loss of their jobs, U.S. authorities said Tuesday in what they described as a first-of-its-kind investigation.
The following op-ed was posted on the American Banker website on January 25, 2012. CFPB Must Work with Legit Online Lenders, Stop Outlaws By Lisa…
