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CFPB sues nonbank lender for illegal loan-churning
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Consumer Protection
Friday, September 8, 2023
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The Consumer Financial Protection Bureau recently sued a nonbank, high-cost installment lender and several of its subsidiaries for unlawful loan-churning practices that often targeted older Americans and single-parent wage earners with low or fixed annual incomes.
Although high-cost loan borrowers make up just under 10 percent of the company’s total borrower population, their refinances generate 40 percent of the company’s net revenue.
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