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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

Cash 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 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 also it shall spend a $5 million fine of these violations as well as for destroying documents prior to the Bureau’s assessment.

“This action brings justice into the money America customers who had been afflicted with unlawful robo-signing, and demonstrates that we’re going to vigilantly protect the buyer rights that servicemembers have actually earned,” said CFPB Director Richard Cordray. “We will also be giving a message that is clear to any or all businesses under our view that impeding a CFPB exam by destroying documents, withholding documents, and instructing workers to mislead examiners is unsatisfactory.”

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