CFPB sues Amica for illegal, deceptive credit practices

The Consumer Financial Protection Bureau filed suit against Amica Holdings and its subsidiary, Amica Digital, alleging it used illegal, deceptive practices to coerce consumers into high-cost credit agreements to finance the purchase of household goods. The allegations against the two point-of-sales financing companies constitute violations of the Consumer Financial Protection Act, the Truth in Lending Act, the Fair Credit Reporting Act and the Electronic Fund Transfer Act.