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Tuesday, December 17, 2013

CFPB Sues Online Loan Servicer

The CFPB filed suit against an online loan servicer that the bureau said engaged in unfair, deceptive and abusive practices by illegally debiting consumer checking accounts for loans that were void.

According to the complaint, the online loan servicer acquired and serviced high-cost loans that violated licensing or interest-rate cap laws in at least eight states. They continued to collect monthly installments even though any obligation to pay such loans was rendered void or nullified by law. “Therefore, the defendants are collecting money that consumers do not owe,” the CFPB said.

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