The Consumer Financial Protection Bureau (CFPB) recently filed federal lawsuits alleging that four Virginia-based pawnbrokers broke the law by misstating annual charges associated with pawn loans. The charges against the aforementioned pawnbrokers are nearly identical to those CFPB levied against B&B Pawnbrokers, also based in Virginia, in November.
These actions, CFPB alleges, are violations of the Truth in Lending Act and the Consumer Financial Protection Act.
Read on to find out what activities led to the lawsuits.