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Payday lender destroyed documents in advance of examination, CFPB says
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Consumer Protection
Tuesday, December 3, 2013
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The Consumer Financial Protection Bureau (CFPB) took its first enforcement action against a payday lender by ordering Cash America International Inc. to refund consumers for robo-signing court documents in debt collection lawsuits. The CFPB also found that Cash America — one of the largest short-term, small-dollar lenders in the country — violated the Military Lending Act by illegally overcharging service members and their families. Cash America will pay up to $14 million in refunds to consumers and it will pay a $5 million fine for these violations and for destroying records in advance of the bureau’s examination.
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