After allegedly creating millions of fake debts and selling them to bill collectors, payday loan magnate Joel Tucker was indicted on federal charges. Tucker reportedly raked in $7.3 million from the purported scheme, Bloomberg reported. “Tucker defrauded third-party debt collectors and millions of individuals listed...
After the Senate passed legislation earlier this month that boosts the Small Business Administration’s lending authority, President Donald Trump signed that legislation into law Thursday, an action that got a nod of approval from the Consumer Bankers Association. The bill increases the SBA’s authority over...
A Texas court ruled on Tuesday (June 12) against delaying the compliance date for the Consumer Financial Protection Bureau’s rule on payday loans. A lawsuit had aimed to block the new federal rules that would limit these short-term loans that some critics say can force...
The Ohio House voted in favor of a controversial bill that will make significant changes to the payday and auto title lending industry. “The time for reform is now,” said State Representative Kyle Koehler (R-Springfield), who introduced the bill in March 2017, according to Dayton...
The landscape in SMB lending is almost totally unrecognizable from what it was even a short five years ago, BlueVine Founder and CEO, Eyal Lifshitz, told Karen Webster shortly after his firm’s latest $60 million funding round was announced. Though today most businesses are both comfortable...
Payday lenders are now offering an array of new financing products that are sending their stocks soaring. According to Bloomberg, Enova International Inc. shares have more than doubled so far this year, while rival Curo Group Holdings Corp. is up 64 percent. While the new...
Between 2015 and 2017, the amount of lending to small businesses by the five leading online lending providers increased 50 percent, according to a new report from NDP Analytics, a Washington, D.C.-based economic research firm. Collectively, the amount of those loans reached $3.9 billion in 2017...
Consumer advocates in Ohio were granted permission to start collecting signatures to get a constitutional amendment regarding payday loan reform on the ballot. According to Cleveland.com, the Ohio Ballot Board certified the “Short-Term Loan Consumer Protection Amendment” as a single ballot issue, giving Ohioans for...
The rate of credit card delinquencies jumped 52 basis points (BPS) in the first quarter (Q1) of 2018, and will likely continue to increase over the next 12 months as consumers take on more debt. That’s according to an analysis from Moody’s on Friday (May...
