A recent enforcement action against a small-dollar lender marked the first the Consumer Financial Protection Bureau (CFPB) deemed an action “abusive” since Mick Mulvaney became acting director.
The bureau announced a settlement with Tennessee-based Cash Express, LLC, which offers high-cost, short-term payday and title loans, as well as check-cashing services.
Read on to find out why the CFPB found the company violated its unfair, deceptive or abusive acts or practices (UDAAAP) standard.
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