In December 2013, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Cashcall Inc.and its related companies Western Sky Financial and Delbert Services Corp. alleging the companies engaged in unfair, deceptive, or abusive lending and collections practices. The CFPB alleges CashCall and Western Sky loans violated licensing requirements and/or interest-rate caps in eight states. These loans affect many other people in the rest of the country. These payday loan companies pray on the desperation of people that have lost their jobs, have medical bills, this includes veterans and the elderly. Therefore, I propose that there be a federal law that will cap the interest rates charged by payday loan companies according to the rates set by the state law.
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