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Expert Analysis - Opinion

State AGs Must Fill The CFPB Void, But That's Not Enough

By District of Columbia Attorney General Karl Racine ( April 27, 2018, 12:10 PM EDT) -- Recently, the Consumer Financial Protection Bureau successfully sued a group of companies that had flagrantly violated usury laws in several states. Lawyers for the agency alleged that NDG Financial Corp. and associated businesses had run "a cross-border online payday lending scheme"[1] that not only charged interest rates well above state legal limits but used "unfair, deceptive, and abusive practices to collect on the loans and profit from the revenues." A federal court entered a default judgment against several of the uncooperative defendants, and the rest of the suit was pending....

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