Banking & Credit

CFA Urges Postponement of Class-Action Settlement to Avoid Adverse Effects for Payday Loan Victims

CFA joins consumer, civil rights and community organizations urging the postponement of a proposed nationwide class action settlement that purports to release consumer-protection claims nationwide arising out of CashCall and Western Sky’s internet payday lending activities. There are deep concerns that the proposed settlement may directly and adversely and improperly implicate pending enforcement actions and private cases throughout country. Accordingly, CFA and its allies are requesting that the hearing on preliminary approval by at least 60 days to permit an adequate review of the proposed settlement.