Feds: Tribe-owned online lenders collected invalidly

Washington • Federal regulators sued four online lenders for collecting consumer debts they weren’t legally owed, an area that is a prime source of consumer complaints. The Consumer Financial Protection Bureau filed the suit Thursday against the lenders, saying they illegally took money from consumers’ bank accounts for debts that weren’t valid because loans violated state laws. It says the high-cost online loans, with annual interest rates from 440 percent to 950 percent, violated licensing req...

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