Bureau Alleges Organizations Deceived Consumers About Financial Obligation Which Was Not Legally Owed
WASHINGTON, D.C. вЂ“ The Consumer Financial Protection Bureau (CFPB) today took action against four online loan providers вЂ“ Golden Valley Lending, Inc., Silver Cloud Financial, Inc., hill Summit Financial, Inc., and Majestic Lake Financial, Inc. вЂ“ for deceiving customers by https://www.nationaltitleloan.net/payday-loans-co gathering financial obligation they certainly were perhaps perhaps maybe not legitimately owed. In a suit filed in federal court, the CFPB alleges that the four loan providers could perhaps not lawfully gather on these debts since the loans were void under state rules regulating rate of interest caps or the certification of loan providers. The CFPB alleges that lenders made misleading demands and illegally took cash from customer bank makes up about debts that customers failed to legitimately owe. The CFPB seeks to end the illegal methods, recoup relief for harmed customers, and impose a penalty.