Online Lending Needs More Regulation: New York Regulator
July 30, Bloomberg
Online lenders should face stricter rules and oversight, according to a recent report from the New York Department of Financial Services (NYDFS).
Despite a suspect nominee, CFPB can still protect consumers
July 26, The Hill
The Senate Banking Committee conducted a confirmation hearing for Consumer Financial Protection Bureau (CFPB) director nominee Kathy Kraninger. The long-term threat to consumers isn’t whoever sits in the director’s chair, it’s Congress, which has introduced more than a dozen bills designed to weaken or even get rid of the agency. As long as at least 41 U.S. senators are willing to filibuster and block votes from taking place on those bills.The consumer bureau will be able to keep Wall Street in check and ensure a fair marketplace for consumers and businesses alike.
Advocacy group sues CFPB, OMB for Kraninger’s records
July 25, American Banker
A consumer watchdog filed a lawsuit Wednesday against the Consumer Financial Protection Bureau and the Office of Management and Budget for allegedly failing to provide employment records and emails on Kathy Kraninger, President Trump’s nominee to lead the CFPB. The group alleges the two agencies failed to grant expedited processing of the FOIA request, failed to conduct an adequate search for responsive records and withheld nonexempt records.
Payday Lending Executive Sentenced for Swindling Vulnerable Consumers
July 24, USA Herald
A federal judge in New York sentenced Richard Moseley, Sr. to 10 years in prison in June after a 2017 conviction for wire fraud, racketeering and other charges.Through his payday lending business, Hydra Lenders, Moseley preyed on consumers’ financial vulnerability. He scammed over 600,000 victims by charging illegally high interest rates.Over the course of a decade, the scam created more than $200 million in revenue. Moseley also engaged in identity theft of his victims.
Mulvaney snubs consumers to help payday lenders
July 24, The Philadelphia Tribune
When it comes to the current leadership at the Consumer Financial Protection Bureau (CFPB), that adage no longer applies. Instead, Acting CFPB Director Mick Mulvaney has changed the bureau from one that provided protections and restitution to scammed consumers into a full-fledged protection of financial service firms.
Too sick for prison? Main Line’s ‘godfather of payday lending’ makes last-minute pitch to avoid lockup
July 23, The Inquirer
Lawyers for a Main Line man dubbed the “godfather of payday lending” pushed Monday to postpone the start of his 14-year prison term, arguing that putting the ailing 77-year-old behind bars would be the equivalent of signing his death warrant. Charles M. Hallianan, who was convicted last year in a federal racketeering case, is battling two aggressive forms of cancer and a host of other health-related maladies, his lawyers said in a last-minute pitch to U.S. District Judge Eduardo Robreno a week before their client is scheduled to turn himself in.
More Coverage:
Judge: Main Line’s payday lending ‘godfather’ not too sick for prison | The Inquirer
Main Line payday lending ‘Godfather’ Heading to Prison | Patch Media
Convicted racketeer denied emergency bail request | Delco News Network