For Slate, I wrote about CashCall vs. CFPB, a case where a subprime lending tycoon systematically broke laws of states like Virginia, New York, and North Carolina that make it illegal to charge sky-high interest rates. In most states with anti-usury laws, if you give out an illegal loan, the borrower isn’t obligated to pay any of the loan back: therefore, the Consumer Financial Protection Bureau argued that CashCall should have to refund all the interest it collected to consumers as restitution. CashCall argued it didn’t realize it had broken any laws (lol…), and judges seem to have found this argument persuasive.
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