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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 very first enforcement action against a payday lender by purchasing money America Overseas, Inc. To refund consumers for robo-signing documents with debt collection legal actions. The CFPB additionally discovered that money America – among the biggest short-term, small-dollar loan providers into the country – violated the Military Lending Act by illegally overcharging servicemembers and their own families. Money America will probably pay as much as $14 million in refunds to customers plus it shall spend a $5 million fine of these violations as well as destroying documents prior to the Bureau’s assessment.

“This action brings justice to your money America clients who had been afflicted with unlawful robo-signing, and reveals that we’re going to vigilantly protect the customer rights that servicemembers have actually earned, ” said CFPB Director Richard Cordray.