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The CFPB sued Think Finance, LLC for “вЂdeceiving customers into repaying loans that have been maybe not legitimately owed.’” The CFPB alleged that Think Finance illegally obtained “on loans which are void under state regulations interest that is governing caps or even the certification of lenders.” Think Finance later filed for bankruptcy. On November 15, 2017, the CFPB sued…
CFPB – Zero Parallel, LLC
In September 2017, the CFPB “imposed a $100,000 fine on California company Zero Parallel LLC” for “steering borrowers into illegal and bad debts.” Zero Parallel, a “lead aggregator” that “identifies prospective borrowers after which sells their information,” offered loan that is short-term to loan providers it knew failed to follow states’ usury legislation, interest-rate limitations and prohibitions…
CFPB v. Golden Valley Lending, Inc., Silver Cloud Financial, Inc., Hill Summit Financial, Inc., and Majestic Lake Financial, Inc.
In April 2017, the CFPB sued “Golden Valley Lending, Silver Cloud Financial, Mountain Summit Financial and Majestic Lake Financial,” that are owned because of the “Habematolel Pomo Tribe” in Northern California, for allegations which they “illegally took funds from consumers’ bank accounts for debts that weren’t valid because loans violated state laws and regulations. [The CFPB] claims the…
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