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Tag Archives: All American Check Cashing

CFPB investigators enlisting help of former managers of All American Check Cashing stores

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By TED CARTER The U.S. Consumer Financial Protection Bureau has extended its investigation of Madison-based All American Check Cashing to include questioning of former managers of the company’s check cashing and payday lending stores. The Bureau had been reported to have sent investigators to Jackson to interview current and former executives of All American Check Cashing. But the Bureau’s interest ...

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State awaits response from payday lending firm

The Mississippi Department of Banking and Consumer Finance is awaiting statewide payday lender All American Check Cashing’s response to findings the department made in its investigation of alleged illegal loan rollovers. Stephen Schelver, attorney for the Banking Department, said subjects of department investigations typically reply within 30 to 60 days, though no hard deadline is in place. He said he ...

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OUR VIEW — Who are legislators protecting with payday lending loophole?

That seriousness Mississippi’s legislators showed back in 2012 over whether to reauthorize payday lending seemed so sincere at the time. They could allow the payday lending industry to strengthen its hold on Mississippi’s working poor, tip the rules to increase borrower protections, or ban the low-dollar lending altogether. The wrangling ended with lawmakers proclaiming a great comprise: Payday lending and ...

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UPDATED: Payday lender All American operating on temporary license

Payday lender All American Check Cashing’s troubles with state regulators have cost it renewal of its annual license. The Madison company instead is operating its 41 stores under a temporary license granted by Mississippi Department of Banking and Consumer Finance regulators who need more time to determine whether the low-dollar lender violated state laws against rolling over short-term loans. Meanwhile, ...

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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 ...

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

Lawyers for payday lender All American Check Cashing and a fired executive of the Madison company are trading accusations of criminal activity. All-American blames the former executive for the hot water it is in with state regulators; the out-of-work executive alleges the company fired him for not participating in illegal activities that included under-the-table payments to state legislators. Hattiesburg lawyer ...

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SPECIAL REPORT: Lawmakers await feds’ move to repair payday lending flaws

The chairs of Mississippi’s legislative committees with jurisdiction over payday loans concede the state’s 2012 Check Cashing Act may need some repairs. But with the federal government set to take control of payday lending rules, doing the fixes now could be a waste of time, they say. “I’m waiting to see what they do,” said House Finance Committee Chairman Henry ...

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