The Consumer Financial Protection Bureau’s (CFPB) first enforcement action against an online lender has ended with a judicial rebuke nearly as stunning as its case against the Accrediting Council for Independent Colleges and Schools.
Although a California district court ruled in favor of the CFPB in the case, it declined to confirm the CFPB’s request for restitution from the lender defendants, instead cutting the penalty award to a Tier One violation of the Consumer Financial Protection Act.
What led the district judge to knock down the penalty request, despite issuing partial summary judgment in favor of the CFPB? Read on for the details.
TO READ THE FULL STORY
Cover Story: