Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

CashCall loses long court battle with feds over how high it can set its loan rates


CashCall Inc. made loans for years at illegally high interest rates, a judge ruled last week, dealing a blow to the Orange County company and raising questions about the validity of loans from other online lenders.

In a ruling handed down Aug. 31, a Los Angeles federal judge sided with the Consumer Financial Protection Bureau in a long-running case against CashCall, finding that loans made from 2009 to 2013 violated the laws of 16 states.

The case against CashCall, filed in 2013 by the federal regulator, raised fundamental questions about modern finance: Who is really making a loan and what rules do lenders have to follow?


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