This month, Scott Tucker, a payday lender who utilized their profits to finance a LeMans race group, had been sentenced to 16 years in prison on federal racketeering along with other fees. Final fall, their business that is former partner Hallinan, referred to as Philadelphia Main Line “godfather” of payday financing, ended up being additionally convicted of federal racketeering fees. Tucker and Hallinan’s primary enterprize model? Their declare that their pay day loan enterprises were for the benefit of indigenous American tribal lovers and so subject to tribal resistance. The respected general public interest legislation company Public Justice speculates: “Tribal Immunity” may not be considered a Get-Out-of-Jail Free Card for payday loan providers.” It’s about time.
Writer: Ed Mierzwinski
Started on staff: 1977B.A., M.S., University of Connecticut
Ed oversees U.S. PIRGâ€™s federal consumer system, assisting to lead nationwide efforts to really enhance credit reporting rules, identification theft defenses, item security laws and much more. Ed is co-founder and leader that is continuing of coalition, People in america For Financial Reform, which fought for the Dodd-Frank Wall Street Reform and customer Protection Act of 2010, including as the centerpiece the buyer Financial Protection Bureau. [Read more…]