CFPB to get $134M from CashCall as 12-year legal saga ends
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CashCall must pay $134 million in restitution to consumers harmed by its illegal loan practices, as confirmed by a district court. The company used a tribal lender to bypass state interest rate caps, leading to high-interest debt for borrowers. The Supreme Court declined to hear CashCall's appeal, ending a legal battle that began in 2013. The CFPB's ability to collect the restitution remains uncertain under acting Director Russell Vought, especially given the agency's recent history of dropping lawsuits and settlements against financial institutions.
Source: American Banker The copyright of this article belongs to the original author/organization.
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