The Consumer Financial Protection Bureau (CFPB) recently ordered Moneytree, Inc. to pay $505,000 in refunds and penalties for misleading consumers with deceptive online advertisements and collections letters as well as for making unauthorized electronic transfers from consumers’ bank accounts.
Read on to find out what activities CFPB determined were in violation of the Dodd-Frank Act’s provisions against unfair, deceptive or abusive acts or practices (UDAAP).