“Every flight begins with a fall.”
― George R.R. Martin, A Game of Thrones
Philanthropist Cary V. Brown’s payday loan operation has sent about 400 workers home. The major blow is the ACH system. Brown used ACH Federal, which is a subsidiary of Brown’s operation. It appears that the banks for that work with ACH Federal turned the faucet off. The NY regulators, essentially, are making the banks an accessory to the illegal loans.
So let’s put this in perspective. If you’re offshore, you’re going to get shut out of the ACH system sooner or later. Additionally, the NY regulator has created a blue print for every state to deal with lenders, that they feel, are operating illegally in their state.
What’s interesting about this operation is that they have quite a few subsidiaries, a combination of ACH processing, software development, call centers and a lead generator.
Ellis Smith of the Chattanooga Times Free Press has been following Cary Brown’s businesses for quite a while now. You can read more about Cary Brown.
Chattanooga area payday lender Carey V. Brown lays off workers
Local companies tied to offshore payday lenders
Chattanooga-based payday lender LeadPile pledges to comply with law, ethical practices
Websites shut down by New York regulator:
- MyCashNow.com
- PayDayMax.com
- DiscountAdvances.com
Major Carey V. Brown holdings
- ACH Federal
- Arch Advantage
- Area203 Digital [Formerly Logic Marketing]
- Cloudswell [formerly Terenine]
- Credit Payment Services
- Eclipse in Action
- Firma8/Kingdom Site
- LeadPile
- Sovee
- SupportSeven
