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CFPB goes into into permission order with small-dollar lender to settle alleged TILA and UDAAP violations

CFPB goes into into permission order with small-dollar lender to settle alleged TILA and UDAAP violations

The CFPB announced so it has entered into a permission purchase with principal Street private Finance, Inc. and two subsidiaries (Main Street), each a lender that is small-dollar to stay the CFPB’s allegations that principal Street (1) violated the reality in Lending Act and also the CFPA’s UDAAP prohibition by underdisclosing the finance cost on auto-title loans entered …

CA Dept. of company Oversight files action against name loan provider for CA legislation violations; launches research into whether lender’s interest levels are unconscionable

The Ca Department of company Oversight (DBO) has filed an administrative enforcement action against a name lender for so-called violations of Ca legislation and established a study into whether or not the interest levels charged by the lending company are unconscionable. (more…)