CFPB action against Cash America

CFPB action against Cash America

by The CAB Man Texas on November 20, 2013

Pretty big news coming from CFPB and Cash America today, $19 million in refunds and fines laid down on Cash America. $5 million of the $19 million is penalty and the remainder will be refunds of fees paid by consumers.

Cash America apparently violated some debt collection rules and also had some improper internal behavior where they were attempting to hide information from CFPB. I believe most of the activity occurred in Ohio.

This is the first major action by the CFPB and a number of papers across the United States are featuring the story. I would recommend that we all stay on top of the CFPB topic. I watch them out of the corner of my eye and know it could be a major concern in the future.

Here’s a link to the article on the front page of The Dallas Morning News: http://www.dallasnews.com/

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