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CashCall, Courts And California’s Increasingly Confusing Lending Market

PYMNTS

Headquartered in Orange County, California and founded in 2003, CashCall is a big firm that consumers likely know best from its early commercials featuring the late Gary Coleman. All that to say this has been an especially tough week for CashCall, and possibly the entire installment lending industry in the state.

Lending 101
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Sen. Sherrod Brown presses big banks on protections for service members

American Banker

Those protections are enshrined in a 2003 law, but many service members do not seek them out. The Ohio Democrat is pressuring the CEOs of JPMorgan Chase, Bank of America, Citigroup and Wells Fargo to proactively provide financial benefits to active-duty service members.

Ohio 80
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The Few, the Proud, the Protected — Provisions in SCRA That Financial Institutions Must Be Aware Of

Perficient

The Act was revisited frequently in the 20 th Century and became the Servicemembers Civil Relief Act in December 2003. Financial institutions that lend to small business owners need to know that a borrower’s nonbusiness assets and military pay are protected from creditors while the servicemember is on active duty.

National 275
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Senate Dems Target For-Profit Colleges and Federal Student Loan Servicers and Collectors in Letter to Dept. of Education

CFPB Monitor

The letter is more likely to influence state regulators and attorneys general, who perennially target their enforcement efforts on for-profit colleges and, more recently, student loan servicers. We do not expect the letter to have much of an impact at OCR.

Lending 78
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The Final CFPB Prepaid Card Rule Is Here (Expect Controversy)

PYMNTS

The use of prepaid cards has exploded over the last decade or so — in 2003 consumers put less than $1 billion on prepaid cards annually, but by 2012 that figure had grown to $65 billion and by 2018 that figure is projected to reach as much as $121 billion. ” They also requested the CFPB “tread lightly” in regulating them.

Cards 189
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Sizzle Or Fizzle: The Ant Financial IPO?

PYMNTS

As is well known by now, Ant Financial , the Chinese micro-lending Internet player, has raised a whopping $4.5 Alt lending. The degree to which alt lending will fizzle is – or will soon be – in the hands of the CFPB. Hints about their positions on payday lending are expected next Thursday (May 5). Unicorns are one thing.

Apple 100
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Addressing The Symptoms Of Pharmacies’ Cash Flow Ailments

PYMNTS

This kind of small business is a dying breed: recent stats from the RUPRI Center for Rural Health Policy Analysis at the University of Iowa found more than 16 percent of independent pharmacies shuttered their doors between March 2003 and March 2018, according to Washington Post reports.

Capital 130