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CFPB sues online payday lender
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Banking, Consumer Protection
Monday, September 22, 2014
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The Consumer Financial Protection Bureau filed a lawsuit targeting an online payday lender the agency said illegally tapped into consumers’ checking accounts. The bureau said the lender, Hydra Group, put money into consumers’ checking accounts without their knowledge and then extracted unauthorized fees. The CFPB also said Hydra Group produced bogus documentation when banks and credit unions contacted the lender to inquire about the fees. Read on for the details.
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