Category: CFPB

14
Dec

CFPB Employee Files Whistle Blower Charges: Payday Lender Ace Cash Express $10M Fine Bogus

A former CFPB examiner filed whistle blower charges against her employer, the CFPB, claiming she was terminated for refusing to falsify ACE Cash Express documents that resulted in a $10,000,000 fine levied against Ace!

The CFPB continues to be revealed as a reprehensible, rogue government organization whose management enabled their personal prejudices to attempt to destroy lawful, private and publicly traded businesses.

Cassandra Jackson, a former CFPB employee, filed documents strongly indicating she was fired for attempting to report that Ace Cash Express was adhering to CFPB rules and regulations.

It’s common knowledge that Ace Cash Express chose to pay the $10M fine rather than enter into costly, lengthy legal challenges against the one governmental agency having unfathomable deep pockets.

Ms. Jackson also asserts that she “encountered widespread racism and gender discrimination from management” and was eventually forced out due to an “incredibly hostile work environment.”

Jackson said her superiors at the CFPB insisted she falsify documents while she investigated Texas-based payday lender, Ace Cash Express.

Jackson said “she was asked to remove document evidence proving that Ace Cash Express adhered to CFPB regulations and her superiors insisted she write a report including findings she knew to be “false and fabricated.”

“I was specifically told to cite Ace Cash Express for a violation for which I had verified the company was in compliance and to state that Ace Cash Express did not provide, and that the CFPB did not receive, documents that would have satisfied the CFPB’s guidelines, despite having received that information from Ace Cash Express,” Jackson said.

Cassandra Jackson, a former CFPB employee, filed documents strongly indicating she was fired for attempting to report that Ace Cash Express was adhering to CFPB rules and regulations.

Cassandra Jackson, a former CFPB employee, filed documents strongly indicating she was fired for attempting to report that Ace Cash Express was adhering to CFPB rules and regulations.

 

CFPB Employee Files Whistle Blower Charges: Payday Lender Ace Cash Express $10M Fine Bogus

CFPB Employee Files Whistle Blower Charges: Payday Lender Ace Cash Express $10M Fine Bogus

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08
May

Fewer Companies Settle with CFPB

The Business of Lending is the Oldest Pofession.

The Wall Street Journal [which I have appeared in on several occassions] ran an interesting piece on the CFPB. The fact is, fewer companies are willing to settle with the CFPB today. This is huge. 

Fewer lenders willing to settle with CFPB = more investors/capital scrambling to enter the B2C and B2B alternative lending space. In spite of the competition from the balance sheet and off-balance sheet lenders, my phone is ringing. On the other end of the call? Entrepreneurs, capital groups, technologists… contemplating entrance into the business of lending. Lenders find it hard to ignore the 30%+ net returns available. The banks simply cannot service the demand for small dollar loans. Lenders continue to salivate due to the low cost of money coupled with ease of entry, mobile technology, tribe sovereignty, a more stable and defined state regulatory environment…

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11
Oct

CFPB Takes Broadside- Leadership Structure Ruled Unconstitutional!

CFPB Leadership Structure Ruled Unconstitutional by D.C Circuit Court 🙂

This just in from Ben Lane:

“In a unanimous decision of the three justices of the United States Court of Appeals for the District of Columbia Circuit, the court ruled that the CFPB’s current structure allows the director to wield far too much power, more than any other agency in the government.”

‘Because the Director alone heads the agency without Presidential supervision, and in light of the CFPB’s broad authority over the U.S. economy, the Director enjoys significantly more unilateral power than any single member of any other independent agency,’ the court writes.

And it gets worse for the CFPB.

“From the court’s decision:By “unilateral power,” we mean power that is not checked by the President or by other colleagues. Indeed, other than the President, the Director of the CFPB is the single most powerful official in the entire United States Government, at least when measured in terms of unilateral power. 

That is not an overstatement. What’s this mean  for the Payday Loan Industry?

What about the Speaker of the House, you might ask? The Speaker can pass legislation only if 218 Members agree. The Senate Majority Leader? The Leader needs 60 Senators to invoke cloture, and needs a majority of Senators (usually 51 Senators or 50 plus the Vice President) to approve a law or nomination. The Chief Justice? The Chief Justice must obtain four other Justices’ votes for his or her position to prevail. The Chair of the Federal Reserve? The Chair needs the approval of a majority of the Federal Reserve Board. The Secretary of Defense? The Secretary is supervised and directed by the President. On any decision, the Secretary must do as the President says. So too with the Secretary of State, and the Secretary of the Treasury, and the Attorney General.

In short, the court writes, the director of the CFPB is the “single most powerful official in the entire U.S. Government, other than the President,” in terms of unilateral power.

Email TrihouseConsulting for a PDF of the Original D.C. Court Decision: Original Article Put “DC Circuit in Subject.”

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04
Oct

Evil Center for Responsible Lending vs Payday Loan Industry

Why do payday loan lenders take a beating by the media and the politicians so often? Because of organized campaigns like this one launched by the CRL. [Remember the Center for Irresponsible Lending? Founded by credit union and bank executives – think Wells Fargo – whose mission is to crush the payday loan industry so they can maintain their 2000% APR NSF fees?]

The CFPB has received over 170,000 positive payday loan testimonials from real borrowers. That’s great! We’ve done a good job with this. But our “system” for asking our happy customers to enter  these positive stories on the CFPB website is CLUNKY, SLOW and CUMBERSOME.

Now, take a look at the CRL campaign to bury us:

stop-payday-loan-sharks

The CRL makes it so easy. They send every Tom, Dick and Harry to this website. The negative payday loan commentary is already present in the comment box. All their sycophants have to do is enter a fake name, email address and zip code, hit “Submit” and the dirty deed is done! We eat it!

SMOOTH! SMART!! And EVIL!!!

Here’s their website: CRL EVIL WEBSITE

And, in case you didn’t submit a POSITIVE payday loan testimonial – which you should – here’s their EVIL “Thank You Page.”

Here’s what you need to do:

  • Go to the CRL website
  • Enter phony information like the CRL idiots do
  • “Submit” your bogus info and share the Thank You page with friends, family and customers; like they do.
  • Oh, and even better, write a simple positive payday loan “Template” testimonial for those with whom you share.
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12
Sep

CFPB Grossly Understates Positive Payday Loan Testimonials it Received

We all know that our U.S. government agencies lie, cheat and steal even more than our politicians do. After all, these agencies are made up of ordinary people.

So it comes as NO SURPRISE that the CFPB failed to honestly reveal that 98.5% of the puny total number of payday loan testimonials submitted by ordinary borrowers on the CFPB payday loan website portal were POPSITIVE about the payday loan product!

According to the CFSA, during the 5 years data has been made available, “12,308 comments (or more than 98%) of the 12,546 comments submitted on short-term loans praised the industry and its products and services, or otherwise indicated positive experiences. “

Thus the old saying, “Statistics can be made to prove anything.” Ofcourse, in this CFPB instance, the government agency simply lied. So… what’s new? Zip!

To learn how to make money by lending money, Click Here!

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