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CFPB Reaches $40.6 Million Agreement With Lender to Cease Operations

CFPB sign

On December 21, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it reached an agreement with a California-based fintech company that would require the company to cease “(1) making new loans; (2) collecting on outstanding loans to harmed consumers; (3) selling consumer information; and (4) making misrepresentations when providing loans or collecting debt or helping…

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California DFPI Reaches Agreement with Lender to Temporarily Halt Operations

​On December 14, 2021, the California Department of Financial Protection and Innovation (DPFI) announced that it entered what it described as a “novel” consent ​order with a Los Angeles-based automobile title loan lender prohibiting the company from marketing or servicing title loans under $10,000 with interest rates above 36 percent within the state of California for the next…

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District of Columbia AG Reaches $2 Million Settlement With Online Lender

On November 30, the District of Columbia Attorney General’s Office (DC AG) announced a settlement with an online lender targeting consumers with below-average credit, under which the lender agreed to pay $1.5 million in refunds to consumers and $250,000 to the District, and to waive over $640,000 in interest.  Further, the agreement obligates the lender to reduce its interest…

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Washington AG Reaches Settlement with Debt Collector to Resolve Lawsuit Concerning Its Alleged Failure to Offer Garnishment Exemptions and Collection of Unlawful Fees

On June 8, 2020 the Washington Attorney General’s office (Washington AG) announced that a consent order had been reached with a Colorado-based debt collection agency that would require the agency to pay $475,000 to approximately 5,000 Washington consumers to resolve a lawsuit originally filed in April 2020 in Washington state…

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Massachusetts AG Reaches Settlement with Bank to Provide Student Loan Debt Relief

On May 28, 2021, Massachusetts Attorney General Maura Healy (Massachusetts​ AG) announced a settlement with a bank, acting as an agent for lenders, which requires the bank to permanently discharge debts and return payments made by certain former students of a regional for-profit university.  The settlement requires the bank to refund over $30,000 in recent loan repayments made by certain Massachusetts borrowers…

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