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CFPB Fines Payday Lender $10M For Company Collection Agencies Practices

CFPB Fines Payday Lender $10M For Company Collection Agencies Practices

Global Debt Registry

Yesterday, the CFPB announced a consent decree with EZCORP , an Austin, Texas-based cash advance provider. The permission decree included $7.5 million in redress to clients, $3 million in fines, as well as the extinguishment this is certainly effective of payday advances. In with this EZCORP announced that they were exiting the consumer lending marketplace july year.

The authorization decree alleged a genuine number of UDAAP violations against EZCORP, including:

  • Manufactured in person “at house” company collection agencies efforts which “caused or had the chance to cause” unlawful third party disclosure, and quite often did therefore at inconvenient times.
  • Stated in specific work that is“at company collection agencies efforts which caused – or had the likelihood to cause – dilemmas for the consumerРІР‚в„ўs reputation and/or work status.