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A huge payday lending operation based in Kansas City will be banned from offering any more loans under a 54 million settlement announced by federal regulators Tuesday. The Federal Trade Commission accused 14 companies owned by two Johnson County men, Timothy A. Coppinger and Frampton T. Rowland III, of using online data to take out loans for people without their permission.
The companies - including CWB Services LLC, Anasazi Group LLC and Money loans indianapolis Capital LLC - targeted borrowers who had gone online to research short-term payday loans, which tend to be small-dollar loans repaid in two-week increments. Borrowers would type their personal financial information, including checking account and routing numbers, into third-party websites known as lead generators to see whether the sites could match them with a lender.
But most never formally applied for any loans, according to money loans indianapolis complaint filed by the FTC. Be the first to know.
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