Two Tribes Agree to End Payday Loan Practices

October 29, 2013
Tulsa World 
payday lending news

Payday lenders owned by two Oklahoma Indian tribes will cease the use of aggressive collection techniques, such as threatening borrowers with court action and arrest. The concessions are included under a partial settlement with the Federal Trade Commission (FTC), approved by a U.S. District Court judge in Nevada this month.

The payday firms, owned by the Oklahoma-based Miami and Modoc tribes, also agreed not to require automatic drafts from borrowers' bank accounts as a condition for loan approval. The FTC is still pursuing claims concerning hidden fees and inflated charges against the tribes and payday lenders, about which they fielded thousands of complaints.

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