CFPB Hits Payday Lender Cash America With $19M Penalty

Law360, New York (November 20, 2013, 3:29 PM EST) -- The Consumer Financial Protection Bureau on Wednesday ordered Cash America International Inc. to pay $19 million over allegations that its subsidiaries robosigned documents, overcharged military borrowers and destroyed documents prior to an examination in the bureau's first payday lending enforcement action.

The settlement, which will see Cash America refund $14 million to consumers and pay a $5 million civil monetary penalty, resolves an investigation by the CFPB into the payday lender's debt collection practices and other operations.

"This action brings justice to the Cash America customers...
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