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A trade group representing online lenders suggested that New Yorks move was misguided because state laws are insufficient to govern the global nature of the Internet. Rather than restricting consumer choice, state officials should be focused on finding a federal solution, said Peter Barden, spokesman for the Online Lenders Alliance, in a statement.
Other states have prosecuted individual online lenders. California sanctioned at least ten online lenders starting last year. Minnesotas attorney general has settled or won rulings against eight online payday lenders - most recently, an 8 million ruling in May cash day loans etobicoke a company that operated without a state license. Last month, Virginia sued a different lender on similar grounds. But New Yorks was the first public action against such a wide range of players in the online payday lending industry.
It follows a strategy outlined this spring in a speech by the head of the federal financial fraud task force: Cutting off lenders access to the banking system.
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