July 23, 2014 8:46 PM ET

Consumer Finance

Company Overview of CashCall, Inc.

Company Overview

CashCall, Inc. provides consumer finance lending services. It offers unsecured term loans to borrowers who use the loans for one-time purchases and debt consolidation; and mortgage loans, including new mortgages and home refinancing. The company was founded in 2003 and is based in Anaheim, California.

1600 South Douglass Road

Anaheim, CA 92806

United States

Founded in 2003

Phone:

877-525-2274

Fax:

949-225-4699

Key Executives for CashCall, Inc.

Chief Financial Officer
Vice President of Credit Risk
Chief Marketing Officer
Compensation as of Fiscal Year 2014.

CashCall, Inc. Key Developments

Maryland Commissioner of Financial Regulation Announces $2 Million Settlement with Western Sky Financial, CashCall, Inc. and Others

The Maryland Department of Labor, Licensing and Regulation's Commissioner of Financial Regulation, Mark Kaufman announced a consent agreement to address abusive payday lending and collections activities involving Western Sky Financial, CashCall, Inc., their controlling shareholders and several related entities. The settlement terms are valued at approximately $2 million. Moreover, Western Sky, CashCall and the other respondents are permanently prohibited from engaging in any financial services related activities in Maryland that require licensing, including originating, brokering or servicing any mortgage, consumer or other loan involving Maryland consumers. Through investigating a series of complaints, the Maryland Department of Labor's Division of Financial Regulation determined that Western Sky and CashCall partnered to issue unsecured consumer loans with interest rates far above the state's usury cap which is 24% to 33%, depending on loan size. In one case, loan documents revealed an Annual Percentage Rate of more than 1,800%. he loans were made via the internet and through call centers located outside the state of Maryland. During 2010 and early 2011, the respondents originated more than 1,200 such loans to Maryland borrowers. As a result of the settlement agreement: More than 1,200 Maryland residents who have been victimized are eligible to receive restitution of more than $1.7 million, based upon prior payments. The $1.7 million fund will be administered by Dahl Administration under the oversight of Circuit Court for Baltimore City. Dahl will contact eligible borrowers within 90 days of the effective date of the settlement and will establish a website through which consumers can claim refunds of sums repaid in excess of 24% per year. The remaining balances on any loans by Western Sky, Great Sky, Payday Financial Red Stone, Red River Management Systems, Webb, or any other entity owned or operated by Webb, directly or indirectly, to a Maryland borrower are canceled, and all parties are prohibited from selling, assigning or collecting on any loans going forward made. More than $275,000 in remaining loan balances will be forgiven. The respondents will pay a fine of $80,200 to the Commissioner of Financial Regulation and pay specific restitution of approximately $20,000 to the 20 identified borrowers who previously filed complaints, related to this case, with the Commissioner.

CFPB Sues CashCall Inc

The CFPB announced that it is suing CashCall Inc. along with its owner, subsidiary and affiliate for allegedly collecting funds consumers did not owe the company. J. Paul Reddam owns the company, its subsidiary, was Funding LLC, and its affiliate, Delbert Services Corp. The bureau's investigation uncovered that starting in late 2009, CashCall and was Funding entered into an arrangement with Western Sky Financial. The CFPB said WSF claimed that state laws did not apply to its business operations since it was based on an Indian reservation and owned by a member of the Cheyenne River Sioux Tribe.

CashCall, Inc. to Lay Off 769 Workers in Orange County

CashCall, Inc. may lay off as many as 769 employees in Orange County, it may cut 486 positions by December 1, 2013, at its Anaheim office and 283 in Orange. The layoffs would come across numerous divisions, including loan production, compliance, risk management and information technology.

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