September 27, 2018 | Access to Credit
Dennis Shaul, CEO of the Community Financial Services Association of America (CFSA), today released the below statement following the Federal Trade Commission (FTC) and Department of Justice’s (DOJ) return of $505 million to consumers harmed by unscrupulous and unlawful lender Scott Tucker and AMG Services, Inc.:
“Today’s actions by the FTC and DOJ mark an important step in addressing the issue of unscrupulous operators who are in many cases unlicensed, unregulated, offshore or otherwise illegally offering loans. Tucker and his companies do not represent the actions of legal, licensed lenders around the country who provide a vital credit to individuals and local communities.
“Unfortunately, the Consumer Financial Protection Bureau’s small-dollar lending rule will shut down regulated businesses and allow other unscrupulous operators like Tucker to fill the demand for small-dollar credit, putting the very consumers it purports to want to protect at risk. Herein lies the biggest irony: the CFPB’s rule does nothing to stop bad actors and gives a free pass to illegal actors operating in the shadows, who represent the greatest threat to consumers.”