Merchant Account Underwriting Tools

Monthly Archives: October 2015

CFPB Still Fighting Western Sky / Cashcall

rich manEven after hefty fines these companies, or their surrogates, still operate. Fines are:

Federal Trade Commission – $967,740
Washington – $1,900.000
New York – $1,500,000
Oregon – $17,500
Connecticut – $350,000
Michigan – $24,700,000 incl cancelled loansHorseracing_Churchill_Downs
Maryland – $2,000,000
Florida – Pending
Georgia – Pending
California – unknown
Iowa – unknown

Other states have banned them.


One has to wonder which ethicist this philosopher studied.

The FTC’s complaint and amended complaint named as defendants Payday Financial, LLC, Great Sky Finance, LLC, Western Sky Financial, LLC, Red Stone Financial, LLC, Financial Solutions, LLC, Management Systems, LLC, 24-7 Cash Direct, LLC, Red River Ventures, LLC, and High Country Ventures, LLC and several individual defendants.
Acquirers who have processed for these companies might expect to be added to this or a similar civil action. If you receive a Civil Investigative Demand Letter give me a call.

FCPA Corporate Investigations List

Not that we think you’ll be processing transactions for any of these . . . but one never knows:

Merchant’s Gag Orders Don’t Work

There are a couple of things I like about this merchant fraud allegation. The FTC alleged that Roca Labs unfairly used “gag clauses” in their sales contracts and terms and conditions of use, through which Roca threatened to sue purchasers if they complained to a third-party consumer reporting organization (e.g., Better Business Bureau), or postedRead More