The Fight Starts With You
I have spent years advocating for change in the online financial services industry, helping to lead the charge in establishing best practices. These improvements in business process ultimately result in a safer, more secure borrowing experience.
I, along with many in the online lending industry, agree with calls for a sensible regulatory response to illegal practices that are unfortunately associated with the online financial services industry. There are many legitimate online lenders who find their businesses tarnished - and their customers victimized - by financial predators who would seek to defraud these consumers.
Consumers are the lifeblood of our industry. They look to us for solutions during times of personal financial crisis. Regulatory inaction and increasing consumer fraud have prompted me to confront this problem directly. There is an immediate need to weed out those criminals who prey upon our industry and our customers.
I am personally offering $25,000 to employees of any business in the alternative financial services industry who report about unlawful conduct and if that report leads to the prosecution of perpetrators involved in:
- advance fee loan scams
- phantom debt collection scams
- payday loan debt collection scams
- unauthorized loan scams
- financial scams targeting members of America’s armed forces and their families
I will work to pursue every lead and turn reports over to law enforcement and regulators, as appropriate. Together we can protect consumers and ensure safe, secure access to credit for millions of hardworking Americans and their families.