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CFPB enforcement action alleges violations of TILA, CFPA
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Consumer Protection
Saturday, August 2, 2014
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The Consumer Financial Protection Bureau and 13 state attorneys general obtained roughly $92 million in debt relief from Colfax Capital Corp. and Culver Capital LLC, also collectively known as Rome Finance, for about 17,000 U.S. servicemembers and other consumers the agencies said were harmed by a predatory lending scheme that involved the financing and sale of consumer goods. The bureau said Rome Finance violated the Truth in Lending Act. The companies also engaged in abusive acts or practices in violation of the Consumer Financial Protection Act, the CFPB said. Read on to learn about the bureau’s consent order.
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