CFPB sues lenders that are tribal seeks refunds for clients

CFPB sues lenders that are tribal seeks refunds for clients

Overview

The buyer Financial Protection Bureau has filed case against four high-cost lenders owned by a ca tribe, saying violations result in the loans void

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The government’s consumer watchdog agency has filed case against four tribal-owned online loan providers, saying several of their high-cost loans are void simply because they violated state or laws that are federal.

“We allege that these companies made demands that are deceptive illegally took money from people’s bank records, ” said Richard Cordray, manager of this U.S. Customer Financial Protection Bureau, in a declaration.

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The CFPB lawsuit names Golden Valley Lending Inc., Silver Cloud Financial Inc., hill Summit Financial Inc., and Majestic Lake Financial Inc. Continue reading “CFPB sues lenders that are tribal seeks refunds for clients”