Big Payday Lender Hit with a Big Fine, and 4 More Things to Know Today

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Payday Loan Place Window Graphics
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Here's a quick rundown from the world of business and economics this morning: the things you need to know, and some you'll just want to know.

• According to USA Today, "Cash America International, a major owner of U.S. pawn shops and payday loan shops, has agreed pay $19 million in consumer refunds and fines for robo-signing documents used in debt collection, issuing improperly high loans to military members and destroying records sought by a federal regulator." The Consumer Financial Protection Bureau imposed the penalties Wednesday, the agency's first enforcement action against a payday lender.

• The longest flight in passenger air travel will land for the last time this weekend: Singapore Airlines' non-stop route between Singapore Changi Airport and Newark, N.J. The 18.5-hour flight operated as an all-business class trip, with tickets in the neighborhood of $8,800, but between the still-high costs of fuel and the extra overhead involved in running an ultra-long range service, Singapore Airlines wasn't making money on the route.

• Cable company Charter Communications (CHTR) is close to an agreement with banks to raise funds for a bid to buy larger rival Time Warner Cable (TWC), the Wall Street Journal reports.

• U.S. attorneys are probing a subsidiary of Caterpillar (CAT), Progress Rail, to learn whether it schemed to bill railroad companies for unnecessary repairs. Progress Rail may have dumped parts into the Pacific Ocean to hide that it was charging owners of rail equipment for replacing parts that were still in good condition. Caterpillar purchased Progress Rail for about $800 million in 2006, and its founder still runs it.

• And finally, here's a great idea for the many people who would prefer not to deal with car salesmen. An Atlanta-based dealership that already allows customers accomplish almost every aspect of the car buying process online, has created a new innovation: A car sales vending machine.

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24 Comments

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TTigerLilyx2

Hitting military families is just disgusting!
However, on one of the other articles,
'Progress Rail may have dumped parts into the Pacific Ocean to hide that it was charging owners of rail equipment for replacing parts that were still in good condition.'

Gee, I'm not sure if I feel better or worse knowing what local auto mechanics do is playing out higher up the repair ladder.
I think we are putting the wrong people in jail these days, poor little potheads arent hurting the Nation nearly as bad as the outright thievery and dishonest business practices going on in every sector.

December 12 2013 at 7:23 PM Report abuse rate up rate down Reply
joying2

I would like to get back the $680 in those green dot money cards I gave to two different payday loan companies,which neither gave me a loan,but didn't give me the the money back.I consider myself lucky not to have got the loan,but had to get rid of my dish,couldn't afford it any more.What an eye opener I was missing so much good tv on my local channels,will never go back to pay tv. God works in mysterious ways.

November 24 2013 at 9:45 AM Report abuse +1 rate up rate down Reply
1 reply to joying2's comment
TTigerLilyx2

I know, between the local channels and the internet, I dont miss a darn thing I want to watch, the BONUS was telling the cable company to go bite itself!

December 12 2013 at 7:24 PM Report abuse rate up rate down Reply
toosmart4u

It is holiday time of the year. Lets all get along and make everyones holiday a happy one by buying American. That way all states will benefit, blue and red.

November 24 2013 at 8:27 AM Report abuse +3 rate up rate down Reply
1 reply to toosmart4u's comment
TTigerLilyx2

Which is why i am a huge fan of thrift stores.
I went thru 3 junk lamps in one year. Found a thrift beautiful lamp that was still working great after 40 years.
Prob now is, finding stuff made here,.
Companies SAY we don't want to pay for American quality.
I say, we don't want to pay exorbitant prices on junk made overseas and resold in the US by US companies, and US companies are going to have to take a hit at first to wean people off the cheap.
Do they want a reasonable profit and repeat business, or a one time overpriced sell and no return business?
Its unAmerican in that we have always believed a healthy business took care of its people, and its people took care of the customers. Money made here stayed here, building our communities. The circle of business life!
This concentration of all at the top has been a great ride for some, but is about to crash as we further down the chain realize how its hurting the entire Nation.
Buy local!

December 12 2013 at 7:43 PM Report abuse rate up rate down Reply
Tuck

These kinds of places are just legalized loan sharks. They do prey on young military members around every installation. These places should be outlawed.

November 23 2013 at 8:48 PM Report abuse +3 rate up rate down Reply
1 reply to Tuck's comment
phil

..or maybe this is a learning experience for the young guys. "Borrower is SLAVE, to the lender." Proverbs 22:7. Oh, wow! The Book has some great ideas about how to live life!!! Who woulda thunk it?

November 24 2013 at 8:35 PM Report abuse rate up rate down Reply
spike

Most of these payday loan outfits service Military family's.These young folks are both democrat and republicans an its a darn shame they are victimized this way.
Laughing at them shows your lack of character.

November 23 2013 at 6:18 PM Report abuse +3 rate up rate down Reply
1 reply to spike's comment
willypfistergash

Most?

November 23 2013 at 6:54 PM Report abuse rate up rate down Reply
pdbliz

ALL LEGAL IN THE EYES OF THE GOVERMENT,,JUST LIKE TAX BREAKS ON THE 1%............
ALL LEGAL.......!!!!!! MAY NOT BE RIGHT,,,,,BUT,,,,LEGAL.!!!!!!

November 22 2013 at 11:07 PM Report abuse -3 rate up rate down Reply
pdbliz

The new POPE will be the last pope as we know them...
The new pope is trying for a NEW WORLD ORDER.!!!!!!!

November 22 2013 at 11:04 PM Report abuse rate up rate down Reply
1 reply to pdbliz's comment
spike

Oh God .Here we go with the new world order again

November 23 2013 at 6:20 PM Report abuse rate up rate down Reply
1 reply to spike's comment
betty_brock

Face the truth spike.

November 23 2013 at 7:08 PM Report abuse rate up rate down
betty_brock

You can get some great deals on gold and diamonds at the pawn shop. If you are selling, go somewhere else.

November 22 2013 at 2:11 PM Report abuse -4 rate up rate down Reply
1 reply to betty_brock's comment
pdbliz

betty brock,,,,,,,,THERE ARE SOME FULL GROWN NUTS ON HERE TONIGHT.!!!

November 22 2013 at 11:05 PM Report abuse +2 rate up rate down Reply
1 reply to pdbliz's comment
betty_brock

As always.............and they are all Evan.

November 23 2013 at 3:50 PM Report abuse rate up rate down
dredselw

These people are no more than loan sharks! They prey on the less educated and defenseless people.

November 22 2013 at 12:05 PM Report abuse +7 rate up rate down Reply
3 replies to dredselw's comment
hsenpfeffer

Why is no one at that lender headed for prison where they belong?

November 22 2013 at 11:25 AM Report abuse +9 rate up rate down Reply
2 replies to hsenpfeffer's comment
jdykbpl45

He paid off Obama, Holder, Pelosi and Reid.

November 22 2013 at 3:05 PM Report abuse +2 rate up rate down Reply
marcanagnos

Because it"s mostly civil, the laws on it don"t warrant jail time. Costs money to jail someone, and you have to prove who did it. Also when and how, not so easy.



MARC

November 23 2013 at 4:12 PM Report abuse rate up rate down Reply