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CFPB Sues Four On Line Lenders for Collecting on Debts Consumers Would Not Legally Owe

CFPB Sues Four On Line Lenders for Collecting on Debts Consumers Would Not Legally Owe

Bureau Alleges Organizations Deceived Consumers About Financial Obligation Which Was Not Legally Owed

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against four online loan providers – Golden Valley Lending, Inc., Silver Cloud Financial, Inc., hill Summit Financial, Inc., and Majestic Lake Financial, Inc. – for deceiving customers by 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 low cost installment loans customers, and impose a penalty.

“we have been suing four lenders that are online gathering on debts that customers would not legitimately owe,” stated CFPB Director Richard Cordray. “We allege why these businesses made demands that are deceptive illegally took funds from individuals bank records. (more…)