Report: Justice Department Targets Payday Loan Processors

What's Next In Payments®
4:55 PM EDT August 8th, 2013

The Justice Department is targeting banks and other companies that process payments for payday lenders and “questionable financial ventures,” according to The Wall Street Journal.

According to the report, banks and others who “handle payments for an array of financial offerings” have been issued subpoenas by the U.S. government.

“It’s a shift in strategy: Rather than just targeting individual firms, the government is now going after the infrastructure that enables companies to withdraw money from people’s bank accounts,” the report states.

In addition to payday lenders, the Justice Department and Federal Trade Commission are also targeting marketers that falsely offer jobs or the ability to erase debt online. 

To read more about the investigation, click here.

Comments
Also by This Author
What's Hot
International
Alipay’s Rakuten Tie-Up
News
As Square’s Profitability Shrinks, So Do Its Options
Mobile Commerce
SuperGroup Appoints Asda’s Customer Director to Lead eCommerce
Merchant Innovation
Where Is the Second “Bitcoin” Boulevard?
View All Articles ››
You May Also Like
Company Spotlight
Different mPOS Strokes for Different mPOS Folks
International
Digital River Offers A Sneak Peak At Mobile eCommerce Trends
Mobile Commerce
Trustwave Buys Cenzic To Beef Up App Testing Capability
International
Alipay’s Rakuten Tie-Up
News
As Square’s Profitability Shrinks, So Do Its Options
Mobile Commerce
SuperGroup Appoints Asda’s Customer Director to Lead eCommerce
Merchant Innovation
Where Is the Second “Bitcoin” Boulevard?
View All Articles ››