In a lengthy (65-page) order, the California Superior Court in Los Angeles has issued an extremely important decision upholding the legitimacy of bank-model online lending by denying a motion for preliminary injunction filed by the California Department of Financial Protection and Innovation (DFPI) that sought to force fintech Opportunity Financial LLC (OppFi) to stop facilitating loans to California borrowers from its partner FinWise Bank at interest rates above the interest rate cap (generally 36% plus the Federal Funds Rate) imposed by the California Financing Law (CFL).
WASHINGTON - U.S. Senators Amy Klobuchar (D-MN) and Susan Collins (R-ME) called on the Federal Trade Commission and the Federal Communications Commission to continue efforts to raise awareness about and prevent artificial intelligence voice cloning scams in order to protect Americans from this growing fraud.
November 1, 2023 (ST. PAUL). Today, Minnesota Attorney General Keith Ellison announced his office has filed a federal lawsuit against individuals that control online lenders Bright Lending, Green Trust Cash, and Target Cash Now for usurious lending and consumer fraud. The three online lenders, operating jointly under control of a single entity called the Island Mountain Development Group, issued thousands of loans to consumers in Minnesota that charged between 400 and 800 percent annual interest, in violation of Minnesota’s usury laws and other federal laws.
DES MOINES— Today, Iowa Attorney General Brenna Bird announced a settlement with Summit Software Systems, Inc. and its owner Robert Boligan for their deceptive business practices. The Attorney General’s office alleged that the company used deceptive methods to solicit Iowa homeowners facing foreclosure and failed to provide the services they promised.
Small businesses are increasingly turning to credit cards as a key source of funding as they continue to grapple with still-high inflation and rising borrowing costs.
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