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$19M in fines/refunds for payday firm

$19M in fines/refunds for payday firm

Richard Cordray, manager associated with the customer Financial Protection Bureau, testifies at a Nov. 2013 Senate banking committee hearing. (Picture: Profit McNamee, Getty Pictures United States)

Tale Shows

  • About 14,000 Ohio customers to have refunds
  • Significantly more than 300 active-duty service people additionally get repayments
  • Payday loan provider to pay for $5 million fine for neglecting to protect documents

Money America Overseas, an important owner of U.S. pawn stores and cash advance stores, has agreed pay $19 million in customer refunds and fines for robo-signing documents used in business collection agencies, issuing improperly high loans to armed forces people and destroying documents tried by a federal regulator.

The buyer Financial Protection Bureau imposed the charges Wednesday under a permission purchase utilizing the Fort Worth-based company. Continue reading $19M in fines/refunds for payday firm