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CFPB sues four online tribal lenders over alleged debt collection that is illegal

Mittwoch, August 19th, 2020

CFPB sues four online tribal lenders over alleged debt collection that is illegal

The buyer Financial Protection Bureau sued four online tribal loan providers on Thursday for presumably illegally collecting debts in 17 states where installment that is small-dollar are forbidden by state usury or licensing guidelines.

The lenders are claimed by the CFPB— Golden Valley Lending Inc., Silver Cloud Financial Inc., hill Summit Financial Inc. And Majestic Lake Financial Inc. — additionally deceived consumers by gathering on debts that have been maybe not lawfully owed. (mehr …)