Colorado and feds sue online loan servicers

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Colorado and feds sue online loan servicers

Colorado and feds sue online loan servicers

A name in this article does stand out…CashCall, through lawyers Neil Barofsky and Katya Jestin, denied it did anything wrong.

Denver Post-

The federal government and several states, including Colorado, on Monday began a crackdown on unscrupulous online loan servicers that allegedly have violated state licensing requirements or state interest-rate caps in their operations nationwide.

Colorado Attorney General John Suthers and Richard Cordray, director of the federal Consumer Financial Protection Bureau, said during a news conference that consumers who fell victim to the alleged scheme were being charged annual interest rates on loans ranging from 90 percent to 350 percent.

Suthers said Colorado allows a maximum of a 21 percent annual percentage rate on such loans.

[DENVER POST]

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