Bait-and-Switch? That Will Be $19.3M, Please
The example of Amerisave can serve as a warning to all lending institutions, including credit unions. CFPB's Richard Cordray summarizes: "Amerisave lured consumers in with deceptive advertising, trapped them with costly upfront fees, and then illegally overcharged them for services from an undisclosed affiliate. By the time consumers could have discovered the advertised low rates were too good to be true, they had already committed to pay hundreds of dollars to Amerisave." [8/13/14]
