The Consumer Financial Protection Bureau (CFPB) is evaluating reports of possible unfair, deceptive or abusive acts or practices (UDAAP) levied against a Florida-based online lender related to a loan add-on product that ratchets up loan costs and has led to numerous defaults.
A Florida congressman said state regulators are investigating the matter in a letter urging acting director Mick Mulvaney to follow suit.
Find out more details about the allegations and what Mulvaney said in response to the congressman.