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

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

Money America to Refund up to $14 Million for Robo-Signing and Illegally Overcharging Servicemembers

Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today took its very first enforcement action against a payday lender by buying money America Global, Inc. To refund consumers for robo-signing documents with debt collection legal actions. The CFPB additionally unearthed that money America – among the largest short-term, small-dollar loan providers 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 plus it shall spend a $5 million fine for those violations as well as for destroying documents prior to the Bureau’s assessment. Continue reading “Consumer Financial Protection Bureau Takes Action Against Payday Lender For Robo-Signing”