Home » NEWS » Banking & Finance » Payday lender expects clean bill from regulators

Payday lender expects clean bill from regulators

All American Check Cashing owner Michael Gray expects the Mississippi Department of Banking to renew his check cashing store license at the end of this month and close its investigation into illegal payday loan rollovers with no finding of wrongdoing.



Gray, in his first public comments since state regulators raided more than a dozen of his payday lending stores across the state, attributed his current woes to putting the wrong person in the wrong job.

He said he gave former chief administrative officer Alan Crancer the job of creating a company intranet that ultimately went unused by company managers and employees.

RELATED STORY: Payday lender, fired executive exchanging blame for lender’s regulatory woes

But when state regulators went looking for evidence of illegal loan rollovers, the intranet served up a huge helping of grief for Gray.

They found an October 2012 training document detailing how to trap borrowers whose incomes arrive monthly into 14-day cycles of debt.

Who wrote the document and who put it on the intranet?

pull quoteCrancer will tell you a manager other than himself did it and that the company presented the rollover training at a manager’s session in Vicksburg in October 2012. Not so, insists Gray, who said the first he or any managers other than Crancer knew of the training document was when regulators found it in late June on All American’s intranet.

Apparently it stayed there unnoticed since the fall of 2012, according to Gray.  “Not one time did I ever go there,” he said of the intranet.

Gray said he approved creation of the intranet as a portal for making personnel forms and other information available to 200 employees and managers spread across the 41 stores in the state. It never caught on, he said. It was “to be like a shed behind the house where you put everything,” but hardly anyone used it, he said.

However, “several layers deep” lay the incriminating training document, he added.

A series of state audits the company passed with compliance in 2013 and 2014 confirm employees of All American did not carry out the practices detailed in the document, according to Gray.

Even if state audits didn’t find the practices, “My auditor and my supervisors and my operations people would have caught rollovers if they were happening,” he said.

And “if the state Department of Banking found they were S.O.P., I wouldn’t be sitting here with a company still operating,” added Gray, who worked for UPS for 10 years before starting All American with the opening of a single store in Madison a decade-and-a-half ago.

He said the state audits which he noted found 100 percent compliance this year and last year included 27 unannounced examinations.
Crancer, whom Gray blames for All American’s current troubles, wants two years of pay and health insurance as a wrongful termination settlement. Not going to happen, Gray said.

“When you don’t do stuff wrong you don’t put up with stuff like this.”


… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Ted Carter

Leave a Reply

Your email address will not be published. Required fields are marked *