In April 2017, the Consumer Financial Protection Bureau sued four companies, Golden Valley Lending, Silver Cloud Financial, Mountain Summit Financial, and Majestic Lake Financial, for using sham tribal-sovereignty claims to collect debts on loans that violated an array of state laws as well as the federal Truth in Lending Act. On January 18, 2018, the bureau moved to dismiss its lawsuit. After an initial …
Mulvaney Drops Case Against Illegal Payday Lenders, Senators Catch Him Lying That He Didn’t
Golden Valley – a name that evokes a peaceful mountain valley covered with green and brownish cedars now has a new association: payday loans, and a government official who wants to let these predators off the hook. Golden Valley Lending is an online payday lender that has ripped off thousands of consumers across the country with exorbitant annual interest rates …
Payday Lenders Try To Fight Borrower Protections With Fake Comments
Predatory payday lenders do not like to be told how they can and can’t abuse consumers, and they fight protections every step of the way. Months before the Consumer Financial Protection Bureau proposed a new rule in 2016 that threatens the profits of avaricious payday lenders across America, the industry’s leaders gathered at a posh resort in the Atlantis in …
U.S. House Votes to Condemn Working Families to a Never-Ending Cycle of Debt
For Immediate Release: February 14, 2018 U.S. House Votes to Condemn Working Families to a Never-Ending Cycle of Debt WASHINGTON, D.C. – In a mostly party-line vote, the U.S. House of Representatives today approved legislation that could allow predatory payday lenders to ignore existing state laws capping the interest rate lenders could charge borrowers seeking a short-term loan. HR 3299, …
Congress Introduces SAFE Lending Act to Protect Consumers
For Immediate Release: February 13, 2018 Contact: Adam Muhlendorf, Stop the Debt Trap Coalition (202) 641-6216; adam@westendstrategy.com Consumer & Community Advocates Hail Introduction of SAFE Lending Act WASHINGTON, D.C. – New legislation introduced in Congress today would provide new protections for consumers against high-risk online lenders, according to a coalition of consumer and community advocates from across the country. The …
Congress Shouldn’t Let Payday Lenders Break State Laws
Over 200 organizations across the country signed onto this letter opposing HR 3299 and S 1624, bills that could allow predatory lenders to circumvent interest rate caps in 42 states and the District of Columbia.