Kansas City Star: CFPB drops Kansas lending that is payday, stoking fears Trump is supporting from the industry

Kansas City Star: CFPB drops Kansas lending that is payday, stoking fears Trump is supporting from the industry

By Steve Vockrodt

Without description, the buyer Financial Protection Bureau has fallen a lawsuit in Kansas it had filed last year against four lending that is payday.

The move reinforced concerns among customer advocates that the federal watchdog agency is supporting away from examining the payday lending industry.

The CFPB, a agency that is federal last year into the aftermath associated with Great Recession, filed a notice of voluntary dismissal Thursday in its instance against Golden Valley Lending and three other payday lending enterprises: Silver Cloud Financial, Mountain Summit Financial and Majestic Lake Financial.

The agency had alleged in its lawsuit that the four companies charged rates of interest of 440 per cent to 950 per cent, beyond just what a few states allow for customer loans. Continue reading “Kansas City Star: CFPB drops Kansas lending that is payday, stoking fears Trump is supporting from the industry”