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CFPB prevails in first case against online lender
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Case Law
Friday, September 16, 2016
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A California court awarded the Consumer Financial Protection Bureau partial summary judgment in its three-year battle against CashCall Inc., a subprime lender accused of using its association with a company located on tribal land as a “shield” against state laws the bureau feels should have applied to the high-interest loans it made to borrowers in several states.
The court also denied CashCall’s motion for summary judgment and held the company’s founder and CEO personally responsible under the Consumer Financial Protection Act.
Read on for the court’s stern analysis of the company’s “tribal lending” model.
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