January 22, 2018 / 11:58 PM / 5 months ago

CashCall to pay $10 mln, CFPB request for $287 mln denied

A federal judge in Los Angeles has rejected the Consumer Financial Protection Bureau’s motion for a $287 million judgment against online lender CashCall over its alleged “rent-a-tribe” arrangement to claim sovereign immunity from state usury laws.

In a decision on Friday, U.S. District Judge John Walter ordered California-based CashCall to pay $10.3 million instead, ruling that the CFPB did not justify the larger amount.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2BkewcA

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