Racecar driver, U.S. agency in settlement talks over payday lending

A professional racecar driver is in talks to settle a U.S. regulator's lawsuit accusing him of participating in a deceptive payday lending scheme, as federal prosecutors decide whether to bring criminal charges, according to court filings.

Lawyers for Scott Tucker, who competes on U.S. and European circuits, said in a filing on Friday in Las Vegas federal court that they were in discussions to resolve claims by the Federal Trade Commission involving online lending companies the agency says he controls.

Payday lenders provide short-term loans tied to borrowers' paychecks that carry charges ranging from $10 to $30 for every $100 borrowed, according to the Consumer Financial Protection Bureau.

http://www.reuters.com/article/2015/07/27/usa-paydaylending-lawsuit-idUSL1N1071EE20150727