CFPB Seeks Action Against Online Lender
The CFPB announced actions against an online lender, Integrity Advance, LLC, and its CEO for deceiving consumers about the cost of short-term loans in failing to disclose the costs consumers would pay under the default terms of the contracts as well as unfair practices involving the creation of checks used to debit consumers’ bank accounts even after the consumers revoked authorization for automatic withdrawals. The action to file will now go before an independent Administrative Law Judge within the Bureau for ruling. [11/20/15]
