The probe appears to be coordinated by the Financial Fraud Enforcement Task Force, a working group originally created by President Barack Obama to investigate and prosecute significant financial crimes and other violations relating to the current financial crisis and economic recovery efforts. The task force is led by the Justice Department and includes more than two dozen federal and state regulators and law enforcement entities.
Help "cut off" does discover personal loans accept co signers. New York's top financial regulator on Tuesday ordered 35 online payday lenders to stop offering loans there that violate state laws capping annual interest rates at 16 percent. The state also sent letters to 117 banks, asking them to help cut off payday lenders from the global network used by banks to send money and collect payments.
A trade group representing online lenders suggested that New Yorks move was misguided because state laws are insufficient to govern the global nature of the Internet. Rather than restricting consumer choice, state officials should be focused on finding a federal solution, said Peter Barden, spokesman for the Online Lenders Alliance, in a statement.
Other states have prosecuted individual online lenders. California sanctioned at least ten online lenders starting last year. Minnesotas attorney general has settled or won rulings against eight online payday lenders - most recently, an 8 million ruling in May against a company that operated without a state license.
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