Feds Want Another $8.3M From American Check Cashing

JACKSON, MS (Ben Caxton) — A federal agency wants more penalties against a Mississippi payday lender and has asked a federal judge to order the company and its owner to pay $8.3 million and permanently ban them from financial businesses. The Consumer Financial Protection Bureau alleges that All American Check Cashing and owner Michael Gray hid check cashing fee schedules, misled people into taking out costlier loans, and wrongly kept consumer overpayments. State officials earlier revoked the licenses of All American, fining it nearly $900,000 and ordering refunds of $135,000 to 700 customers. Gray sold most of All American’s assets to Ohio-based Community Choice Financial in June after the state revoked the company’s licenses.

 


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