Mealey's Banking & Finance - FTC Announces Settlement With Payday Lender

Mealey's Banking & Finance - FTC Announces Settlement With Payday Lender

WASHINGTON, D.C. - A South Dakota payday lender will pay $967,740 to the U.S. Treasury to settle the Federal Trade Commission's charges that it used unfair and deceptive tactics to collect on payday loans and forced debt-burdened consumers to travel to South Dakota and appear before a tribal court that did not have jurisdiction over their cases, the FTC announced April 11 (Federal Trade Commission v. Payday Financial LLC, et al., No. 11-3017, D. S.D.).

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