Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today took its very very first enforcement action against a lender that is payday buying money America Global, Inc. to refund consumers for robo-signing documents with debt collection legal actions. The CFPB additionally unearthed that Cash America – one of several biggest short-term, small-dollar loan providers within the country – violated the Military Lending Act by illegally overcharging servicemembers and their loved ones. Money America will probably pay up to $14 million in refunds to customers also it will spend a $5 million fine for those violations as well as for destroying records prior to the Bureau’s assessment.
“This action brings justice to your money America customers have been suffering from unlawful robo-signing, and reveals that we are going to vigilantly protect the buyer rights that servicemembers have actually earned,” said CFPB Director Richard Cordray. Continue Reading