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Firms cited for deception in pension advance loan plans
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Case Law, Consumer Protection
Tuesday, August 25, 2015
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Three companies were cited by the Consumer Financial Protection Bureau and the New York Department of Financial Services for offering pension advances which were loans with the “effective interest rate greater than those typically available for other products to which defendants drew comparisons.” The agencies asserted that defendants took advantage of consumers’ lack of understanding of their pension advance and potential alternatives. Read on to find out the ways the agencies were tipped off, and how you can avoid the companies’ mistakes when promoting consumer loans.
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