Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
California FIs Warned About Illegal Payday Lenders
SACRAMENTO, Calif. (10/10/13)--California credit unions and banks are on alert to stop illegal unlicensed online payday lenders and to identify and report any suspicious activity.
 
Jan Lynn Owen, commissioner of the California Department of Business Oversight, directed financial institutions licensed by the department to monitor transactions with any unlicensed lender and immediately report potential violations, in an Oct. 7 letter.
 
"Protecting consumers from illegal online payday lending is a central focus of the department's enforcement efforts," said Owen. "With the recent consolidation of the state's payday lending regulator with the banking and credit union regulator into the Department of Business Oversight, we are now better equipped to protect both borrowers and financial services businesses. We are reaching out to our licensees and stakeholders to try and combat this growing threat to consumers."
 
The department said it will examine credit unions to ensure safeguards are in place to prevent unlicensed payday lenders from gaining access to the automated clearinghouse (ACH) network.
 
Names of unlicensed lenders that have been the subject of multiple consumer complaints are cited on the Department of Business Oversight website.
RSS print
News Now LiveWire
State OKs Floridacentral #creditunion's bank branch purchase #NewsNow http://t.co/37uXorWsmV
43 minutes ago
Today is deadline to order your T-shirt for #MiracleJeansDay @CU4Kids @CMNHospitals http://t.co/UXIqW3cFN6
50 minutes ago
#Creditunion #100MM on display with @NWCUA's Minickiello, Wash. Rep. Sharon Tomiko Santos at @NCSLorg @CUNAadvocacy http://t.co/xVwnS39uEM
1 hours ago
Fraudsters hit @jpmorgan with smash and grab #phishing campaign http://t.co/VEkAvctYLJ
1 hours ago
Puget Sound's @YearUp gets Financially Fit with @SeattleMetCU See #NewsNow http://t.co/C11ogeqq3R
2 hours ago