The Consumer Financial Protection Bureau’s recent settlement with payday lender Cash Tyme directed the company to pay a civil money penalty and redress harmed consumers, making it the bureau’s first enforcement action requiring restitution since Kathy Kraninger became director.
The bureau asserted that the company harmed consumers through unauthorized debits and lacked adequate processes for timely, effective remediation in such instances.
Find out more about the bureau’s allegations against the company and restitution requirement.