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Friday, April 28, 2017

From ICBA...

CFPB Sues Online Lenders for Deceiving Consumers

The Consumer Financial Protection Bureau sued four online lenders for allegedly deceiving consumers by collecting debts they were not legally owed. The federal lawsuit says Golden Valley Lending, Silver Cloud Financial, Mountain Summit Financial and Majestic Lake Financial could not legally collect on these debts because the loans were void under state laws governing interest rate caps or the licensing of lenders.

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