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

Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today took its very very first enforcement action against a payday lender by buying money America Overseas, Inc. To refund consumers for robo-signing court documents with debt collection lawsuits. The CFPB also unearthed that money America – among the biggest short-term, small-dollar lenders into the country – violated the Military Lending Act by illegally overcharging servicemembers and their loved ones. Money America will probably pay as much as $14 million in refunds to customers and it also will spend a $5 million fine of these violations as well as for destroying documents prior to the Bureau’s assessment.

“This action brings justice to your money America clients who have been impacted by unlawful robo-signing, and indicates that we’re going to vigilantly protect the customer rights that servicemembers have actually earned, ” said CFPB Director Richard Cordray. “We may also be delivering a message that is clear to all the organizations under our view that impeding a CFPB exam by destroying papers, withholding documents, and instructing workers to mislead examiners is unacceptable. ”

Pay day loans tend to be referred to as method for customers to bridge an income shortage between paychecks or perhaps the receipt of other earnings. Continue reading