Customer Financial Protection Bureau Takes Action Against Payday Lender For Robo-Signing

Customer Financial Protection Bureau Takes Action Against Payday Lender For Robo-Signing

Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today took its first enforcement action against a lender that is payday ordering money America Overseas, Inc. To https://speedyloan.net/title-loans-or refund consumers for robo-signing documents with debt collection legal actions. The CFPB additionally unearthed that money America – one of several biggest short-term, small-dollar loan providers into the country – violated the Military Lending Act by illegally overcharging servicemembers and their loved ones. Cash America will probably pay as much as $14 million in refunds to customers also it shall spend a $5 million fine of these violations as well as for destroying records prior to the Bureau’s assessment.

“This action brings justice to your Cash America clients have been suffering from unlawful robo-signing, and demonstrates that we shall vigilantly protect the customer rights that servicemembers have earned, ” said CFPB Director Richard Cordray. “We will also be delivering a definite message today to any or all organizations under our watch that impeding a CFPB exam by destroying documents, withholding records, and instructing workers to mislead examiners is unsatisfactory. Continue reading