Payday Lender Fined by Consumer Financial Protection Bureau (CFPB)

The Consumer Financial Protection Bureau has fined Cash America International a total of $19 million which consisted of a $5 million fine and $14 million in refunds for overcharging customers, robo-signing documents in debt collection lawsuits and impeding an investigation. The consent order entered into by the CFPB and Cash America is attached here. The CFPB was created by the 2010 financial reform law and the bureau started overseeing payday lenders in 2012. Cash America, of Ft. Worth, Texas, is one of the nation’s largest payday lenders, making short-term loans from about 1,000 storefront locations and online. Bond & Botes, PC always advises our clients to be very careful and wary when dealing with any type of payday lender. This is true if you are attempting to get a payday loan in person and, most especially, if you are trying to get a payday loan online. Please see our previous blog post regarding payday lenders here.

If you are having trouble with your finances and are feeling the stress and concern that comes with dealing with these types of entities, please feel free to contact our office nearest to you to set up a free consultation visit to speak with one of our licensed attorneys about your financial situation in a confidential and private setting.