CFPB Wins Judgment Against on the web Payday Lender in Lawsuit Alleging “Rent-a-Tribe” Scheme and Violations of State Usury Laws
the customer Financial Protection Bureau (CFPB) obtained summary judgment against a California-based online payday loan provider, its specific owner, its subsidiary, and a servicer of its loans, which allegedly utilized a “rent-a-tribe” scheme in order to avoid state usury and licensing rules in breach regarding the Consumer Financial Protection Act.
Based on the CFPB’s federal lawsuit , the organization joined as a financing contract having a tribal entity owned by a part of A indigenous United states Reservation.