Yesterday the CFPB and FTC announced split actions against two online payday lenders operating basically the same scam that is alleged. Both “lenders” gathered step-by-step customer information from to generate leads web sites or information agents, including banking account figures, then deposited purported payday loans of $200-300 into those accounts electronically, after which accumulated biweekly finance fees “indefinitely, “

Ed oversees U.S. PIRG’s consumer that is federal, assisting to lead nationwide efforts to really improve customer credit rating laws and regulations, identity theft defenses, item security laws and much more. Continue reading →