CFPB Fines Payday Lender $10M For Business Collection Agencies Techniques

CFPB Fines Payday Lender $10M For Business Collection Agencies Techniques

David Mertz

Global Debt Registry

Yesterday, the CFPB announced a permission decree with EZCORP , an Austin, Texas-based payday loan provider. The permission decree included $7.5 million in redress to customers, $3 million in fines, together with extinguishment that is effective of pay day loans. In July of the 12 months, EZCORP announced which they had been leaving the buyer lending marketplace.

The permission decree alleged quantity of UDAAP violations against EZCORP, including:

  • Built in individual home that is“at commercial collection agency efforts which “caused or had the possible to cause” unlawful 3rd party disclosure, and frequently did therefore at inconvenient times.
  • Built in person work that is“at business collection agencies efforts which caused – or had the prospective to cause – injury to the consumer’s reputation and/or work status. Continue reading “CFPB Fines Payday Lender $10M For Business Collection Agencies Techniques”