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War Eagle Receives Cash From Sale of Tres Marias Project, Mexico

VANCOUVER, BC–(Marketwired – March 03, 2015) – War Eagle Mining Company Inc. (TSX VENTURE: WAR) (“War Eagle” or the “Company”) is pleased to report that it has received a further US$300,000 (approximately Cdn$375,000) installment of the proceeds of the sale in 2014 of the Tres Marias zinc-lead-germanium project in Chihuahua, Mexico to Contratista y Operaciones Mineras SA de CV (“Comsa”), a private Mexican mining company. Total consideration for the sale was US$5,000,000 cash which is to be satisfied by (i) loan repayments totaling US$400,000 cash (now received) plus (ii) the balance in fixed periodic loan repayments totaling $2,100,000 to be received over a period to July 2016, the next such repayment to be US$600,000 in July 2015, (iii) an additional US$400,000 if sales of product are US$20 million or more, (iv) a further US$400,000 if sales of product are US$25 million or more and (v) a 2% net smelter return royalty to a maximum of a further US$2,500,000. Accordingly, total consideration could be as much as US$5,800,000.

Comsa has numerous permits in place to facilitate mine development and has significantly advanced the final permit application to enable commercial production.

This news release was prepared by management of War Eagle, which takes full responsibility for its contents. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FinanceInvestment & Company InformationWar Eagle Contact:

For additional information please contact:

War Eagle Mining Company Inc.

Thomas R. Atkins
President and CEO
416-509-4326

Malcolm P. Burke
Director
604-689-1515 x 308

Email: info@wareaglemining.com
Website: www.wareaglemining.com

[…]

Tighter payday loan rules intended to shield debtors | TribLIVE

WASHINGTON — Troubled by consumer complaints and loopholes in state laws, federal regulators are putting together the first rules on payday loans aimed at helping cash-strapped borrowers avoid falling into a cycle of high-rate debt.

The Consumer Financial Protection Bureau said state laws governing the $46 billion payday lending industry often fall short and that fuller disclosures of the interest and fees — often an annual percentage rate of 300 percent or more — may be needed.

Details of the proposed rules, expected early this year, would mark the first time the agency has used the authority it was given under the 2010 Dodd-Frank law to regulate payday loans. In recent months, it has tried to step up enforcement, including a $10 million settlement with ACE Cash Express, accusing the payday lender of harassing borrowers to collect debts and take out multiple loans.

A payday loan, or a cash advance, is generally $500 or less. Borrowers provide a personal check dated on their next payday for the full balance or give the lender permission to debit their bank accounts. The total includes charges often ranging from $15 to $30 per $100 borrowed. Interest-only payments, sometimes referred to as “rollovers,” are common.

Legislators in Ohio, Louisiana and South Dakota unsuccessfully tried to broadly restrict the high-cost loans in recent months. According to the Consumer Federation of America, 32 states now permit payday loans at triple-digit interest rates, or with no rate cap.

“Our research has found that what is supposed to be a short-term emergency loan can turn into a long-term and expensive debt trap,” said David Silberman, the bureau’s associate director for research, markets and regulation.

The agency is considering options that include establishing tighter rules to ensure a consumer has the ability to repay. That could mean requiring credit checks, placing caps on the number of times a borrower can draw credit or finding ways to encourage states or lenders to lower rates.

Payday lenders say they fill a vital need for people who hit a rough financial patch. They want a more equal playing field of rules for both nonbanks and banks, including the way the annual percentage rate is figured.

“We offer a service that, if managed correctly, can be very helpful to a diminished middle class,” said Dennis Shaul, chief executive of the Community Financial Services Association of America, which represents payday lenders.

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[…]

Key backer may give up on RadioShack

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NEW YORK (CNNMoney)

A key backer for RadioShack may be giving up.

Just a year ago, Salus Capital (HRG) was the savior behind a $250 million cash injection to help struggling RadioShack (RSH). But that relationship has quickly soured, and on Tuesday, RadioShack said Salus is taking steps to call the loan, which was only formalized one year ago.

The lender continues to be unimpressed with the electronics retailer’s turnaround plan. According to RadioShack, Salus objected in particular to the $120 million cash infusion Radio Shack received in October from one of its largest shareholders. That cash was supposed to help RadioShack hobble through the holiday season.

About seven months after Salus made the loan, it rejected RadioShack’s plan to close 1,100 stores. The company instead closed about 200 locations.

RadioShack reintroduced the plan to close 1,100 more stores in late October, but Salus has yet to respond, according to the retailer.

RadioShack CEO Joe Magnacca called the lender selfish.

“Now, prompted by their narrow self-interest, they appear to be trying to manufacture a problem during the critical holiday shopping season in an effort to get out of a loan on which they have already reaped more than $35 million in fees and interest payments,” he said in a statement.

Magnacca called for Salus to walk back its threat to cancel the loan and instead back the retailer’s turnaround plan. He said the decision hurts “other creditors, the hundreds of communities we serve, the many other businesses we support and the jobs of more than 25,000 hard-working people.”

A Salus spokesman did not have an immediate response.

Related: RadioShack still stuck in the 1980s

Moody’s has warned RadioShack could be out of cash by the end of next year, and even Magnacca admitted the company could be near bankruptcy.

The company’s stock is down more than 70% this year, and dropped just over on 1% Tuesday morning before the news. Trading was halted for the announcement.

First Published: December 2, 2014: 12:30 PM ET

[…]

‘Cash Call’ Loan Company Agrees to Iowa Settlement

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Cash Call Inc. agrees to settlement in Iowa over high interest rates on loans. (WHO-HD)

DES MOINES, Iowa — Charging illegally high interest rates will cost a California lender $1.5 million.

The company Cash Call Inc. has agreed to pay the money and stop offering loans to Iowans in order to settle a lawsuit filed by the state.

According to the Iowa Attorney General’s Office, Cash Call charged interest rates of 169-percent and in one case the rate was 340-percent.

All outstanding loans have been reset to 4-percent and the state plans to contact the 3,400 Iowans who qualify for restitution from the settlement.

Filed in: News

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[…]

Somerset parents want payday loan advert ban


Somerset parents want payday loan advert ban

Somerset parents want payday loan advert ban

First published in News

MORE than three-quarters of parents in Somerset want payday loan companies banned from broadcasting TV and radio adverts to children.

A YouGov survey commissioned by The Children’s Society found 77% of parents want a ban on adverts airing before the 9pm watershed.

Payday loan companies provide shortterm cash advances at annual interest rates which can exceed 6,000%.

A YouGov survey of children aged 13 to 17 found almost three-quarters (72%) had seen or heard an advert for payday loans in the past seven days.

One-third of children found payday loan adverts fun, tempting or exciting, and this group were significantly more likely to say they would consider using a payday loan in the future.

Meanwhile, one-third of parents believed payday lenders’ adverts deliberately target children with more than one-quarter thinking the companies put pressure on children to pester their parents to borrow money.

It follows research by Ofcom last December which showed the number of payday loan adverts on TV had risen by more than 20 times over the past four years with more than half broadcast between 9.30am and 5pm.

The Children’s Society, through its Debt Trap campaign, is calling for restrictions on loan advertising to join those already in place to protect children from adverts for gambling, alcohol, tobacco and junk food.

In particular, the charity is urging the Government to amend the Consumer Rights Bill to ban payday loan advertisements on TV and radio before the 9pm watershed.

Matthew Reed, of The Children’s Society, said: “We see the devastating impact of debt on children’s lives.

“It has become a battle for families to pay bills, the mortgage or rent, and find money for food or other basics.

“One setback or a simple mistake can lead to a spiral of debt.

“Children are exposed to a barrage of payday loan adverts which put even more pressure on families struggling to make ends meet and provide the basics.”

[…]

Loan waiver: govt. mulls giving cash, coupons

TOPICS

India

Andhra Pradesh

economy, business and finance

macro economics

macro economics

loans

economy, business and finance

The State government is planning to immediately provide cash of Rs.50,000 and coupon that can be cashed in six months or one year for the remaining amount to each eligible beneficiary of the crop loan waiver scheme.

Once the banks complete the process of identifying genuine beneficiaries and provide the government with the final list, a thorough scrutiny and final validation would be taken up, official sources said. In case, the bankers hand over the list by September 25 or 26 as promised by them, the government would try to finish the entire process by October 10 and all the details would be put online.

In the run-up to the elections, the Telugu Desam had promised to waive loans of farmers up to Rs. 1.5 lakh and those of DWACRA women self-help groups up to Rs.1 lakh.

While refusing to hazard a guess on the extent of fake or bogus crop loans taken by borrowers, the sources said there were different types of irregularities. For instance, there have been cases of multiple borrowings on the same land from two or three banks. “We want to come out with concrete figures only after validation,” the sources said.

The plan was to start with the lowest amount. It has been estimated that nearly 40 per cent of the borrowers come under the Rs.50,000 slab rate. In case there were 1,500 accounts in a branch, preference would be given to those in the Rs.50,000 bracket. If that was the case, the immediate outgo for the government would be Rs.10,000 or Rs.11,000 crore. The sources said for the rest of the borrowed amounts ranging from Rs.1,000 to Rs. 1 lakh, each farmer would get a coupon that could be cashed at a later date.

The government was also mulling buy-back option for coupons by the corporation proposed to be set up to deal with various aspects of farmers’ welfare. The corporation would buy the coupons and give cash to farmers who prefer to exercise that option.

Keywords: Andhra Pradesh Govt., cash coupons, cash Rs.50, 000,

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Pay Day Loans Not In Borrower's Best Interest « CBS Philly

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MP backs call for payday loan ad ban (From The Northern Echo)


MP backs call for payday loan ad ban

ZERO TOLERANCE: Darlington Labour MP Jenny Chapman

First published in News
Last updated

A CALL to ban payday loan adverts from television and radio before the 9pm watershed has received the backing of a North-East MP who said she would go even further.

The Children’s Society through its ‘Debt Trap’ campaign wants the Government to amend the Consumer Rights Bill so such ads are not broadcast to impressionable children.

Darlington MP Jenny Chapman, who previously proposed a Private Members’ Bill banning payday lenders from advertising on television and radio at any time of the day or night, said she wanted a “zero tolerance” approach.

She said: “I would go even further, but I am really pleased that The Children’s Society has come out with this position and it might help move the debate forward.

“Unfortunately these adverts make this type of borrowing seem normal and it should not ever be seen that way.

“These businesses make their money out of exploiting people.”

A survey by YouGov on behalf of The Children’s Society found that almost three quarters of parents (70 per cent) living in this region backed a ban before the 9pm watershed with 27 per cent believing companies put pressure on children to pester their parents to borrow more money.

The survey also quizzed a sample of children aged 13 to 17. Seventy two per cent had seen or heard an advert for a payday loan company in the past seven days. Ninety three per cent knew of at least one payday loan company and 55 per cent could name three.

One third (34 per cent) said payday loan adverts were “fun, tempting or exciting” and they would consider using one in the future.

In 2012 a committee of MPs said many households were being plunged into a “deadly debt spiral” as a result of a rapid growth in the availability of short term loans which in some circumstances can come with annual interest rates of up to six thousand per cent.

Meanwhile, the Children’s Society and StepChange Debt Charity published figures in August showing that there were 45,906 families in the North-East in problem debt owing £75.2m between them.

Matthew Reed, chief executive of The Children’s Society, said: “It is crucial that children learn about borrowing and money from their school and family – not from irresponsible payday loan advertising.

“A significant majority of parents in the North-East of England back a ban and it’s now time for the Government to act.”

(2) comments […]

'Not in public interest' to reveal how much of Omar Khan loan has been repaid, Council insists


‘Not in public interest’ to reveal how much of Omar Khan loan has been repaid, Council insists

Omar Khan

Jeanette Sunderland

Odsal Stadium

Omar Khan pictured at Odsal. ts rep hp (9638305)

First published in News
Last updated by Rhys Thomas, T&A Reporter

BRADFORD Council insists it is not in the public interest to reveal how much of a £200,000 loan of taxpayer cash to former Bradford Bulls owner Omar Khan has been repaid.

The authority granted the Super League club the cash shortly after restaurant boss Mr Khan took the helm at Odsal in September 2012.

Last March, Mr Khan vowed that the money would be repaid, shortly after the repayment was raised at a Council meeting.

And last month, Council leader Councillor David Green insisted Mr Khan had made some repayments, but refused to reveal how much or how much was left to pay.

The Telegraph & Argus submitted a Freedom of Information request to the authority on July 29, asking how much of the loan was still to be paid back, how much had been paid in each instalment, when the loan was due to be repaid, how many payments were left and how much each one was, and what interest the Council was charging on the loan.

But, three weeks later, the authority said: “The Council are exempting this information under Part 2 section 41 FOI Act – Information provided in confidence. This is because one of the clauses in the loan contains a confidentiality agreement, therefore the Council is exempt from disclosing this to the public as this would constitute an actionable breach of confidence.

“This exemption is absolute – there is no public interest test.”

A spokesman for Bradford Council added: “Following the change of ownership at the Bulls, after a period of administration, the Council agreed a repayment plan with the guarantor of the loan. To date, all payment obligations have been met.”

Councillor Jeanette Sunderland, leader of the Liberal Democrat group on Bradford Council, said: “It is a closed book. What are they being so secretive about, refusing to answer questions?

“I don’t understand why they are being so secretive. It was public money. The loan was made behind closed doors and has never been taken into a public arena – it should be looked at properly.

“Across the district people on very low income are being forced to pay Council tax and if they default just once the Council comes down on them like a ton of bricks.

“There is a difference between how they treat Omar Khan and how they treat Council taxpayers.”

She added: “They say the payments are being made as to the schedule. That must be a different schedule to the one I know about.

“It should have all been paid off by now.”

Cllr Sunderland added that she believed the matter should go before the Council’s Governance and Audit Committee.

[…]

Investigation leads to $10M settlement with payday lender ACE Cash Express

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Investigation leads to $10M settlement with payday lender ACE Cash Express

by

Published: July 17,2014

Tags: ACE Cash Express, banking, Business, finance, Mississippi, NEWS, payday check

The Consumer Financial Protection Bureau cited this graphic from an ACE Cash Express training manual to show the short-term lender seeks to entice borrowers into a cycle of debt.

Texas-based ACE Cash Express, a large payday lender with a franchise store in Hattiesburg, has been hit with $10 million in penalties from the fledgling Consumer Financial Protection Bureau.

ACE Cash Express, CFPB Director Richard Cordray charges, was “relentlessly overzealous” in pursuit of overdue borrowers. ACE Cash Express unlawfully called employers of tardy borrowers and threatened borrowers with lawsuits and criminal prosecutions

ACE Cash Express is the largest owner and operator of check cashing stores in the United States and the second largest payday lender.

» READ MORE: State regulators probe All American Check Cashing on suspicion of violating loan rollover law

ACE Cash Express and other payday lenders require borrowers to be employed, have a bank account and show proof of receiving regular paychecks. They must leave a post-dated personal bank check for the principal and fees as security.

Director Cordray said the intimidation used by ACE Cash Express was “part of a culture of coercion aimed at pressuring payday borrowers into debt traps.”

That trap, and the linear progression of how that should occur, was detailed in a graphic included in a company training manual. The CFPB cited the graphic as evidence of a coordinated strategy to trap borrowers in the cycle of compounding debt.

After applying sustained pressure, ACE would offer to relieve the pressure by encouraging the delinquent borrower to pay off existing loans by taking out yet another payday loan, Cordray said.

“Each time, ACE would collect another round of expensive fees, and the borrower would sink even deeper into debt,” he added. “This vicious cycle of debt drained hard-earned dollars from cash-strapped consumers who had few, if any, options available to fight back.”

In a company statement last week, ACE Cash Express said a review by hired firm Deloitte Financial Advisory Services “indicated” that more than 96 percent of ACE’s calls during the review period met collections standards. It noted, however, that it has since quit using outside collection agencies and has stepped up monitoring of its own collections calls.

ACE also denied making rollover loans. “A customer with a delinquent account is not allowed to take out another loan with ACE until the previous loan is paid off,” spokesman Eric Norrington insisted.

Addressing the Deloitte review, CFPB spokesman Sam Gilford said his agency found “methodological flaws that rendered findings suspect.”

Regardless, Gilford added, “The Bureau has a much lower threshold than ACE does for what constitutes an acceptable rate of consumer law violations.”

The action against ACE is actually a “settlement” by which the company agrees to pay the financial penalties without admitting wrongdoing, the agency says. “We’ve put them under an order so they don’t engage in these unlawful practices again,” said Lucy Morris, CFPB enforcement director, in a teleconference with reporters.

The order for ACE to repay $5 million to borrowers and $5 million in federal fines comes slightly more than a year after the CFPB levied over $14 million in penalties against large-scale payday lender Cash America.

The CFPB found that Cash America violated the Military Lending Act by illegally overcharging service members and their families. The penalties included an order for Cash America to pay up to $14 million in refunds to consumers. These violations and the destruction of records in advance of the Bureau’s examination brought a $5 million fine.

The CFPB, created under the Dodd Frank Wall Street Reform and Consumer Protection Act, has authority to oversee the payday loan market and is a clearinghouse for complaints on collections practices y the short-term lenders.

The agency has issued white papers the last two springs that detail disturbing trends in payday lending practices across America. The newest report, issued in late March, found that four out of five payday loan are rolled over or renewed within 14 days.

The study also found that three of out of five payday loans are made to borrowers whose fee expenses exceed the amount borrowed. This occurs through loan renewals, or rollovers, a designation the CFPB gives any low-dollar loans from the same lender to the same borrower within 14 days of each other.

Further, the study found, four out of five payday borrowers who renew end up borrowing the same amount or more. They do this at least once a year, according to the CFPB.

The conclusions CFPB reached in its investigation of ACE Cash Express are hardly a news bulletin for those who follow the payday lending sector, said Diane Standaert , legislative counsel for the Center for Responsible Lending, a North Carolina-based non-profit organization created to combat predatory lending.

“I think it means what we’ve known for a long time in that the core of the business model is keeping borrowers trapped in a cycle of debt,” Standaert said.


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