Written jointly by individual Equity Stakeholder endeavor and Us americans for financial Reform

Written jointly by individual Equity Stakeholder endeavor and Us americans for financial Reform

Chicago-based equity this is certainly personal Victory Park Capital, which features past united states of america Senator Joe Lieberman and past Chicago Mayor Richard Daley on its Advisory Board, has furnished funding for many online creditors, a quantity of which have utilized tribal funding or “rent-a-bank” schemes to circumvent state payday lending and usury laws and/or paid big fines associated with state and federal regulatory complaints.[i]

Think Finance – Victory Park Capital has funded Think Finance since just.

At that time, Victory Park Capital had spent very nearly $350 million with Think Finance september. Specially, Victory Park seems to have dedicated to GPL Servicing (GPLS), a Cayman Islands-based entity that acquired loans from Plain Green, a tribal financial institution owned by the Chippewa Cree Tribe.[iii], Bloomberg Businessweek, citing an unnamed supply, reported that Victory Park Capital funded the Plain Green loans by taking a 99 percent participation these were produced by the tribe inside them once.[iv]

Victory Park Capital and affiliates have been recently called as defendants in the Pennsylvania Attorney GeneralРІР‚в„ўs RICO lawsuit against Think Finance and Ken Rees.

Memo, the Pennsylvania AG’s workplace alleged that “discovery has revealed, as the proposed [Second Amended Complaint] alleges, that Victory Park was indeed no easy investor; it was actually mixed up in development and procedure of Think Finance’s ‘tribal’ lending framework.”[v]

Elevate Credit – Victory Park Capital in addition has played a task that is key financing Elevate Credit, which spun removed from Think Finance, including providing cash to obtain loans provided through Elevate’s “rent-a-bank” relationship with Republic Bank.. Continuar lendo Written jointly by individual Equity Stakeholder endeavor and Us americans for financial Reform