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Overland Park's AMG Services agrees to record settlement over …

An Overland Park-based online payday lending operation accused of deceiving borrowers by charging inflated fees has agreed to pay federal regulators $21 million, the largest such settlement ever.

Most of the record payout will be returned to borrowers as refunds. AMG Services Inc. of Overland Park and its partner company, MNE Services of Miami, Okla., also will forgive $285 million in unpaid fines and loans still owed by customers, according to the settlement announced Friday by the Federal Trade Commission.

“The settlement requires these companies to turn over millions of dollars that they took from financially distressed consumers, and waive hundreds of millions in other charges,” Jessica Rich, director of the FTC’s Bureau of Consumer Protection, said in a prepared statement.

“It should be self-evident,” Rich said, “that payday lenders may not describe their loans as having a certain cost and then turn around and charge consumers substantially more.”

Unexpected fees and higher-than-advertised interest rates often left customers with debts that more than tripled the amounts they had originally borrowed, the FTC alleged in court documents.

The settlement includes no admission of guilt by the companies. Efforts to reach a company attorney late Friday were unsuccessful.

In legal filings, AMG had argued that its affiliation with American Indian tribes should make the company immune to legal action.

It said the tribes’ sovereign status meant they weren’t subject to state or federal laws. A federal magistrate judge disagreed, ruling in 2013 that the lenders had to obey federal consumer protection statutes, even if they were affiliated with tribes. A U.S. District Court judge upheld that ruling last year.

AMG claimed to be owned by the Miami and Modoc tribes of Oklahoma and the Santee Sioux of Nebraska. But the tribes reportedly received only 1 to 2 percent of the revenue from each loan.

The real beneficiary allegedly was race car driver Scott Tucker, who used $40 million collected from borrowers to sponsor his racing team, according to a 2012 complaint filed by the FTC. Tucker has not settled the FTC charges against him. His case is pending before a federal judge in Nevada.

Lawyers for Tucker have previously said the business practices of the tribes were “fully compliant with federal law” and they would contest the allegations.

A growing number of payday lenders have migrated from storefronts to the Internet in recent years in a bid to sidestep state laws designed to curb predatory loans. Some companies exploit ties with tribes to avoid federal regulation, consumer advocates say.

Friday’s record payday loan settlement is significant because it shows that tribal immunity is not working as a business model for payday lenders, said Ed Mierzwinski, consumer program director of the consumer advocacy group U.S. PIRG.

“Online payday lenders have tremendous power to reach into consumer bank accounts illegally and take excess fees,” Mierzwinski said. “Fortunately, FTC and the courts rejected this one’s claims of tribal immunity from the law.”

Law enforcement officials across the country have received more than 7,500 consumer complaints about the firms in Friday’s settlement, according to the FTC.

The FTC said the two companies are both part of the same lending operation. The agency said AMG serviced cash advance payday loans offered by MNE on websites using the trade names Ameriloan, United Cash Loans, US Fast Cash, Advantage Cash Services, and Star Cash Processing.

The websites advertised a one-time finance fee and promised that customers could get loans “even with bad credit, slow credit or no credit.”

But the FTC says borrowers were misled about the real annual percentage rate of the loans and didn’t realize they would be charged additional finance fees every time the companies made withdrawals from their bank accounts.

Contracts with borrowers indicated that a $300 loan would cost $390 to repay, for example, when it really cost $975, according to the FTC.

The agency also alleges that the companies illegally made pre-authorized withdrawals from customers’ bank accounts as a condition of credit.

The Community Financial Services Association of America, a trade group for the payday lending industry, issued a statement Friday that distanced the group from the two companies involved in the settlement and expressed support for the FTC’s actions.

“These unscrupulous practices are not representative of the entire payday lending industry nor the online sector of it, and they harm the reputations of (association) members who uphold the highest lending standards in the industry,” the statement said. “More importantly, these bad actors create an even more confusing environment for consumers, making them more susceptible to fraud and abuse.”

AMG previously had reached a partial settlement with the FTC in 2013 over allegations that the company had illegally threatened borrowers with arrest and lawsuits. That settlement prohibited AMG from using such tactics to collect debts.

To reach Lindsay Wise, call 202-383-6007 or send email to lwise@mcclatchydc.com. Twitter: @lindsaywise.

[…]

Asta Funding, Inc. Announces Financial Results for Third Quarter and Nine Months of Fiscal 2014

Announced Final Payment of the Remaining Amount of the Bank of Montreal Loan Recorded Forgiveness of Debt of Approximately $26.1 million in the Third Quarter Solid Growth in the Structured Settlement Unit, CBC Settlement Funding, LLC $96.2 Million Cash & Securities as of June 30, 2014

ENGLEWOOD CLIFFS, N.J., Aug. 20, 2014 (GLOBE NEWSWIRE) — Asta Funding, Inc. (ASFI) (the “Company”), a consumer receivable asset management and liquidation company, today announced results for the three months and nine months ended June 30, 2014.

The Company reported a net income of $5,464,000 for the three month period ended June 30, 2014, or $0.41 per diluted share, as compared to a net loss of $2,737,000 for the three months ended June 30, 2013, or $0.21 loss per diluted share. Total revenues for the three month period ended June 30, 2014 excluding the forgiveness of non-recourse debt and other income, were $9,837,000, a decrease of 20.0%, as compared to $12,290,000 for the three month period ended June 30, 2013. Included in total income of $36,274,000 for the three months ended June 30, 2014 is $26,101,000 of forgiveness of debt. The Company made the final payment of the remaining amount of the non-recourse debt due to the Bank of Montreal in June 2014, based on the Settlement Agreement signed in August 2013, which yielded this forgiveness of debt income. Also, included in revenues for the third quarter of fiscal year 2014 is $1,406,000 from structured settlements from the CBC Settlement Funding, LLC (“CBC”) with no comparative data in the third quarter of fiscal year 2013, as the acquisition of CBC was completed on December 31, 2013. On a pro-forma basis, CBC has more than doubled its Total Receivables Balance purchased in the six month period ended June 30, 2014 and the transaction volume has increased over 19% from the prior year six month period. Revenue from personal injury claims were $1,779,000 in the third quarter of fiscal year 2014 as compared to $2,287,000 in the third quarter in fiscal year 2013, as there was an increase in reserves during the current quarter. Year on year revenues have increased over 16% in the personal injury unit.

Net income for the nine months ended June 30, 2014 was $9,295,000, or $0.70 per diluted share, as compared to net income of $733,000, or $0.06 per diluted share, for the nine months ended June 30, 2013. Revenues for the nine months ended June 30, 2014, excluding the forgiveness of non-recourse debt and other income, were $29,221,000, a decrease of $2.5 million or 7.8% below the $31,677,000 reported for the nine month period ended June 30, 2013. Included in total income of $56,692,000 is the forgiveness of debt of $26,101,000. Revenues reported from CBC were $2,941,000 in the six month period ended June 30, 2014, the period in which CBC was included in the Company’s year to date results. Revenues from personal injury claims were $5,724,000 in the nine month period ended June 30, 2014 as compared to $4,921,000 in the nine month period end June 30, 2013, a 16.3% increase over the prior year.

Net cash collections of consumer receivables acquired for liquidation, including cash collections represented by account sales, were $10,041,000 for the third quarter of fiscal year 2014, as compared to $15,425,000 in the third quarter of the prior year. Included in the third quarter of fiscal year 2013 is $2,007,000 from net cash collections represented by account sales. Net cash collections represented by account sales are not material in the current fiscal year third quarter period. Net cash collections of consumer receivables acquired for liquidation, including cash collections represented by account sales, were $30,743,000 for the nine months ended June 30, 2014, compared to $42,038,000 in the nine month period ended June 30, 2013. Net cash collections on the Great Seneca portfolio were $2,781,000 in the third quarter of fiscal year 2014, as compared to $3,348,000 in the third quarter of fiscal year 2013. Net collections on Great Seneca were $7,749,000 during the nine months ended June 30, 2014 as compared to $8,989,000 for the nine months ended June 30, 2013.

Income from fully amortized portfolios (zero basis revenue) was $6,532,000 for the three month period ended June 30, 2014; a decrease from the $9,749,000 reported for the three month period ended June 30, 2013. Income from fully amortized portfolios was $20,195,000 for the nine month period ended June 30, 2014, as compared to $25,824,000 for the nine month period ended June 30, 2013.

General and administrative expenses were $7,012,000 for the three month period ended June 30, 2014, as compared to $6,545,000 for the three month period ended June 30, 2013. The increase reflects the inclusion of CBC and GAR National Disability Advocates, LLC (“GAR National Disability), as there is no comparable data included in the three month prior year period. General and administrative expenses were $20,517,000 for the nine month period ended June 30, 2014 as compared to $17,926,000 for the nine month period ended June 30, 2013. General and administrative expenses were higher during the current year nine month period as compared to fiscal year 2013, primarily due to the inclusion of CBC and GAR National Disability in the current nine month period.

Interest expense was $413,000 for the three month period ended June 30, 2014 as compared to $518,000 for the three month period ended June 30, 2013. Interest expense was $820,000 for the nine month period ended June 30, 2014 as compared to $1,621,000 for the same period of the prior fiscal year.

The decrease was primarily due to lower Bank of Montreal (“BMO”) interest, pay down of the BMO non-recourse debt, partially offset by the inclusion of CBC interest on its debt in the current nine month period.

The Company recorded $19.9 million in impairments during the three and nine month periods ended June 30, 2014 as compared to $10.1 million recorded in the three month period ended June 30, 2013 and $12.4 million recorded in the nine month period ended June 30, 2013. Included in the three month period ended June 30, 2014 is a $14.2 million impairment recorded on the Great Seneca Portfolio compared to a $10.1 million impairment recorded during the three month period ended June 30, 2013. The carrying value of the Great Seneca portfolio at June 30, 2014 was $21,601,000, as compared to $46,294,000 at June 30, 2013.

The Company, through a wholly owned subsidiary, made the final payment of the remaining amount on the non-recourse debt on June 3, 2014, paying off the balance at that time. The balance of the non-recourse debt to BMO was $54,250,000 at June 30, 2013. The debt balance of the CBC unit was $27,434,000 at June 30, 2014.

On June 3, 2014, Palisades Acquisition XVI, LLC (“Palisades XVI”), a wholly owned subsidiary of the Company, completed payment of the $15 million “Remaining Amount” identified in the August 2013 Settlement Agreement. This payment released Palisades XVI and affiliates from future liabilities with respect to the Receivables Financing Agreement, originally structured in March 2007. As the final payment included a $1.9 million voluntary contribution from the Company, Palisades XVI is now entitled to collect the next $16.9 million before BMO is entitled to 30% of the collections on the Great Seneca portfolio.

Gary Stern, President and CEO of the Company, commented, “We are pleased with the activities that have occurred during the third quarter of fiscal year 2014. Although the Great Seneca portfolio has had its challenges over the years, we are very satisfied with finalizing the agreement reached with the Bank of Montreal during the third quarter of fiscal year 2014. We appreciate the efforts of the Bank of Montreal. With the elimination of the non-recourse debt, it greatly increases our flexibility moving forward. Mr. Stern continued, “We are very excited about the progress of our structured settlement unit, CBC Settlement Funding, LLC. CBC contributed almost $3 million in revenue during the period ended June 30, 2014 and on a pro-forma basis, CBC has grown its book of business significantly from the prior year. We look forward to the continued growth and success of CBC. Also, GAR National Disability Advocates is in position to grow over the next year. Revenues are not material at this time, but we are looking forward to continued success in building the business. In addition, we continue to seek additional investments in, or acquisitions of, companies in the financial services industry.”

A conference call to discuss the results of the third quarter and first nine months of fiscal year 2014 will be held on August 20, 2014 at 4:00PM EDT.

Toll-free dial in number (US and Canada):

(800) 668-4132

International dial-in number:

(224) 357-2196

Conference ID: 89613216

Based in Englewood Cliffs, NJ, Asta Funding, Inc., is a leading consumer receivable asset management company that specializes in the purchase, management and liquidation of performing and non-performing consumer receivables. For additional information, please visit our website at http://www.astafunding.com.

This document contains “forward-looking statements” — that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” or “will.” These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: our ability to purchase defaulted consumer receivables at appropriate prices, changes in government regulations that affect our ability to collect sufficient amounts on our defaulted consumer receivables, our ability to employ and retain qualified employees, changes in the credit or capital markets, changes in interest rates, deterioration in economic conditions, negative press regarding the debt collection industry which may have a negative impact on a debtor’s willingness to pay the debt we acquire, potential regulation or limitation of interest rates and other fees advanced by Pegasus under federal and/or state regulation, a change in statutory or case law which limits or restricts the ability of Pegasus to charge or collect fees and interest at anticipated levels, plaintiff ‘s being unsuccessful in whole or in part in the litigation upon which our funds are provided, the continued services of the senior management of Pegasus to source and analyze cases in accordance with the underwriting guidelines of Pegasus, and such other factors that may be identified from time to time in our Securities and Exchange Commission (“SEC”) filings and other public announcements including those set forth under the caption “Risk Factors” in Part 1, Item 1A of our Annual Report on Form 10-K for the year ended September 30, 2013. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. Except as required by law, we assume no duty to update or revise our forward-looking statements.

– Financial Tables Follow

ASTA FUNDING, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited)

Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
June 30, 2014 June 30, 2013 June 30, 2014 June 30, 2013 Revenues:

Finance income on consumer receivables, net $ 6,652,000 $ 10,003,000 $ 20,556,000 $26,756,000 Personal injury claims income 1,779,000 2,287,000 5,724 ,000 4,921,000 Unrealized gain on structured settlements 620,000 — 1,440,000 — Interest income on structured settlements 786,000 — 1,501,000 — Total revenues 9,837,000 12,290,000 29,221,000 31,677,000 Forgiveness of non-recourse debt 26,101,000 — 26,101,000 — Other income (includes ($116,000) and $17,000 during the three month periods ended June 30, 2014 and 2013, and ($141,000) and $192,000 during the nine month periods ended June 30, 2014 and 2013, respectively, of accumulated other comprehensive income reclassification for unrealized net (losses) / gains on available for sale securities) 336,000 378,000 1,370,000 1,628,000

36,274,000 12,668,000 56,692,000 33,305,000

Expenses:

General and administrative 7,012,000 6,545,000 20,517,000 17,926,000 Interest 413,000 518,000 820,000 1,621,000 Impairments of consumer receivables acquired for liquidation 19,901,000 10,148,000 19,901,000 12,351,000

27,326,000 17,211,000 41,238,000 31,898,000

Income (loss) before income tax expense (benefit) 8,948,000 (4,543,000) 15,454,000 1,407,000

Income tax expense (benefit) (includes tax (benefit) expense of ($47,000) and $5,000 during the three month periods ended June 30, 2014 and 2013, and ($57,000) and $76,000 during the nine month periods ended June 30, 2014 and 2013, respectively, of accumulated other comprehensive income reclassifications for unrealized net (losses) gains on available for sale securities) 3,464 ,000 (1,859,000) 5,676,000 498,000

Net income (loss) 5,484,000 (2,684,000) 9,778,000 909,000

Less: net income attributable to non-controlling interest 20,000 53,000 483,000 176,000

Net income (loss) attributable to Asta Funding, Inc. $ 5,464,000 $ (2,737,000) $ 9,295,000 $ 733,000

Net income (loss) per share attributable to Asta Funding, Inc.:

Basic $ 0.42 $ (0.21) $ 0.72 $ 0.06 Diluted $ 0.41 $ (0.21) $ 0.70 $ 0.06

Weighted average number of common shares outstanding:

Basic 12,984,882 12,954,455 12,979,472 12,946,521

Diluted 13,214,703 12,954,455 13,208,015 13,217,656

ASTA FUNDING, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited)

June 30, September 30, 2014 2013

ASSETS

Cash and cash equivalents $ 26,017,000 $ 35,179,000 Available for sale investments 70,205,000 58,035,000 Restricted cash — 968,000 Consumer receivables acquired for liquidation (at net realizable value) 31,514,000 57,900,000 Structured settlements 35,892,000 — Investment in personal injury claims 31,733,000 35,758,000 Due from third party collection agencies and attorneys 1,138,000 1,169,000 Prepaid and income taxes receivable — 1,496,000 Furniture and equipment, net 656,000 1,106,000 Deferred income taxes 8,894,000 10,443,000 Goodwill 2,770,000 1,410,000 Other assets 4,990,000 4,383,000 Total assets $ 213,809,000 $ 207,847,000

LIABILITIES

Non-recourse debt — Bank of Montreal $ — $ 35,760,000 Other debt — CBC (including non-recourse notes payable amounting to $13.0 million at June 30, 2014) 27,434,000 — Other liabilities 2,723,000 2,486,000 Income taxes payable 3,084,000 — Total liabilities 33,241,000 38,246,000

Commitments and contingencies

STOCKHOLDERS’ EQUITY

Preferred stock, $.01 par value; authorized 5,000,000 shares; issued and outstanding — none — —

Common stock, $.01 par value; authorized 30,000,000 shares; issued — 12,985,739 at June 30, 2014 and 14,917,977 at September 30, 2013; and outstanding 12,985,739 at June 30, 2014 and 12,974,239 at September 30, 2013 130,000 149,000 Additional paid-in capital 62,648,000 79,104,000 Retained earnings 118,306,000 109,011,000 Accumulated other comprehensive income (loss) 22,000 (674,000) Treasury stock (at cost), 0 shares at June 30, 2014 and 1,943,738 shares at September 30, 2013 — (17,805,000) Non-controlling interest (538,000) (184,000) Total stockholders’ equity 180,568,000 169,601,000

Total liabilities and stockholders’ equity $ 213,809,000 $ 207,847,000

FinanceInvestment & Company InformationBank of Montreal Contact:

Robert J. Michel, CFO
Asta Funding, Inc.
(201) 567-5648

[…]

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Federal Judge Rules Against AMG Payday Lending Operation

U.S. District Judge Gloria M. Navarro in Nevada has ruled that Kansas-based payday lending operation AMG Services intentionally deceived borrowers about the cost of their loans. AMG and some of its affiliated companies that had ties to American Indian tribes were found to have inflated fees and failed to disclose charges.

The inflated fees left borrowers with debts higher than the original amount they borrowed, Navarro said. In her May 28 decision, she wrote that employees of the lending firms “were instructed to conceal how the repayment plans worked in order to keep potential borrowers in the dark.”

The Federal Trade Commission (FTC) filed charges against the companies in April 2012, accusing them of failing to disclose loan terms and of improperly requiring customers to preauthorize electronic payments before they received a loan. AMG and affiliates used deceptive documentation for at least 5 million loans, the FTC reported. Last July, the companies reached a partial settlement with the agency on several issues. Under this settlement, the lenders were prohibited from using threats of arrest to collect loan payments and were banned from requiring advance bank account withdrawals. Navarro ruled in March that the lenders’ tribal affiliations did not exclude them from the FTC’s jurisdiction.

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No Faxing Required Same Day Payday Loans Advance payday loan are often approved with a quickly turnaround time. Making arrangements for the payment is a essential point and would therefore be strictly followed in order to avoid getting into debt. Advance pay day loans are available to anyone who’s over 18 years old. Generally these loans are supplied to the people that are employed and creating a ing account with a good credit record.

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If you live incapable of completely settle the settlement sum, it is advisable to settle wherever possible for the repayment night out. This will assist to maintain the volume of interest you must pay back low. Some companies may well charge you extra fees with regard to extending your loan, you can even examine if this describes the situation before signing your loan contract.

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Nelnet, Inc. Announces Results of Fixed Price Cash Tender Offer For Notes of Nelnet Education Loan Funding, Inc.

LINCOLN, Neb., Jan. 8, 2014 /PRNewswire/ — Nelnet, Inc. (NNI) (the “Company”) announced today the results of its fixed price cash tender offer (the “Offer”) for any and all outstanding Series 2004?2 senior auction rate student loan asset?backed notes and Series 2004?2 subordinate auction rate student loan asset?backed notes (collectively, the “Auction Rate Notes”) of Nelnet Education Loan Funding, Inc. (the “Issuer”), as identified in the table below. The tender offer expired at 5:00 p.m., New York City time, on Wednesday, January 8, 2014 (the “Expiration Time”). The Company has accepted for purchase $1,350,000 aggregate principal amount of Auction Rate Notes, representing all of the Auction Rate Notes tendered pursuant to the Offer, at the consideration set forth below (the “Note Consideration”):

CUSIP Number

Class

Security Description

Amount of Auction Rate Notes Accepted

Note Consideration per $1,000 Principal Amount

64031RBA6

A?5b

Senior Auction Rate Notes

$450,000

$980

64031RBB4

A?5c

Senior Auction Rate Notes

$700,000

$980

64031RBC2

B?1

Subordinate Auction Rate Notes

$200,000

$900

The Offer was made pursuant to the Offer to Purchase, dated December 2, 2013, as amended by the First Amendment to Offer to Purchase, dated December 16, 2013. On Friday, January 10, 2014 (the “Settlement Date”), the Company will pay the Note Consideration plus all accrued and unpaid interest (up to, but not including, the Settlement Date) on the Auction Rate Notes purchased pursuant to the Offer in same?day funds. The Company expects to use available cash to pay the Note Consideration and the accrued interest on the purchased Auction Rate Notes.

The Depositary and Information Agent for the tender offer is Global Bondholders Services, at (212) 430?3774 (for Banks and Brokers) or (866) 470?4500 (toll free).

Goldman, Sachs & Co. is the Dealer Manager for the tender offer. Questions regarding the tender offer may be directed to Goldman, Sachs & Co. at (212) 357?6436 or (800) 828?3182 (toll free).

For more than 30 years, Nelnet has been helping families plan, prepare, and pay for their educations.

Information contained or incorporated in this press release may be considered forward looking in nature and is subject to various risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or expected. Among the key factors that may have a direct bearing on the Company’s operating results, performance, or financial condition expressed or implied by the forward?looking statements are changes in the terms of student loans and the educational credit marketplace arising from the implementation of applicable laws and regulations, and from changes in such laws and regulations, adverse results in legal disputes, changes in the demand for educational financing or in financing preferences of educational institutions, students, and their families, increased financing costs and changes in the general interest rate environment.

[…]

US says Cash America overcharged

Payday lender Cash America International will refund consumers $14 million and pay a $5 million fine to settle civil allegations that it improperly pursued some customers’ debt and overcharged military service members, U.S. regulators said on Wednesday.

The enforcement action against Cash America International is the first against a payday lender from the Consumer Financial Protection Bureau, a new regulator created by the 2010 Dodd-Frank Wall Street reform law.

Payday lenders like Cash America provide small short-term loans at high interest rates to help a borrower get to the next paycheck. But the have come under scrutiny from U.S. authorities in recent years amid concern about lax oversight.

(Read more: Feds helping with payday loan problems)

In addition to the company’s problems with debt collection and overcharging, the CFPB also accused the company of impeding a regulatory exam by destroying certain documents and coaching employees on what to tell examiners.

Cash America, one of the largest payday lenders in the country, said in a statement it neither admitted nor denied the allegations and has already refunded around $6.4 million to customers.

“Now that we have completed the initial CFPB review process and entered into this settlement, we will continue to focus on serving our customers while working to develop additional compliance programs,” chief executive Daniel Feehan said.

The CFPB accused the Fort Worth, Texas-based company of using “robo-signed” documents to pursue debt collection lawsuits in Ohio, referring to documents that are signed without appropriate review.

(Read more: Major cost to the economy)

Cash America also charged active members of the military an annual interest rate higher than 36 percent, which is not allowed under the Military Lending Act, the bureau said.

“This action should send several clear messages to everyone under the jurisdiction of the consumer bureau,” CFPB Director Richard Cordray said in remarks to reporters.

In addition to the $14 million refund and the $5 million fine, the agency ordered the company to improve its compliance with consumer financial protection laws.

The CFPB is the first federal regulator to examine payday lenders.

Earlier this year the agency said such loans often trap borrowers in a cycle of debt and warned new rules could be on the way.

[…]

Detroit secures $350M loan to help pay off debt

DETROIT (AP) — Cash-strapped Detroit has secured a $350 million loan to help pay off some of its massive pension debt, state-appointed emergency manager Kevyn Orr said Friday.

About $230 million in financing from Barclays would be used to fully pay off a complicated pension debt deal involving two major creditors. The rest would be used to improve basic city services and city government technology infrastructure.

The loan would be secured with pledges of casino and income tax revenue, and proceeds from the sale of city-owned of assets that top $10 million.

‘‘We said at the outset of this process that we are committed to improving the financial condition of Detroit and the lives of its 700,000 citizens, and our team worked tirelessly to bring this significant post-petition financing to bear,’’ Orr said Friday in a release.

The deal still has to be approved by federal Judge Steven Rhodes, who is overseeing the bankruptcy. The city intends to make that request to Rhodes later this month, Orr’s office said.

Orr’s July 18 bankruptcy filing is the largest by a U.S. city. He has said Detroit’s $18 billion or more debt includes underfunded obligations of about $3.5 billion for pensions and $5.7 billion for retiree health coverage.

In 2009, the city pledged its casino tax revenue as collateral to avoid defaulting on past pension debt payments. The swaps allowed Detroit to get fixed interest rates on pension bonds with UBS and Bank of America.

Orr wants Rhodes to approve a settlement in which Detroit would pay UBS and Bank of America as little as 75 cents on the dollar on $340 million in debt.

The Barclays loan would be used to pay off UBS and Bank of America, while saving the city more than $60 million on the total amount owed on the swaps.

But New York-based bond debt insurer Syncora Guarantee says it will lose money if that deal is approved. Syncora has been fighting the settlement so it can keep up to $15 million in the casino tax revenue each month in a bank-held trust.

Orr has argued that the casino money is needed to help keep the city running and pay for some services, and Rhodes ruled in August it can’t be withheld during the bankruptcy request and Syncora can’t object to the city’s proposal involving UBS and Bank of America.

The Barclays proposal also has to go before the City Council for approval, but Michigan’s emergency manager law gives Orr final say over all financial decisions.

Orr said he also will seek approval for the deal from the state’s emergency financial assistance loan board.

The financing will be issued as financial recovery bonds.

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