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Tag: “Truth in Lending Act”

CFPB Sues Pension Factoring Companies Over Misleading Business Practices

CFPB Sues Pension Factoring Companies Over Misleading Business Practices

The Consumer Financial Protection Bureau this month sued a group of pension advance company over allegedly misleading practices. The CFPB alleges that the companies violated the Consumer Financial Protection Act of 2010, 12 U.S.C. § 5536(a)(1)(B), by representing that their pension advances were not loans, were not subject to lending laws, and “were comparable in cost to, or cheaper than, credit card debt when, in actuality, the pension-advance products were loans, and were subject to interest rates that were substantially…

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CFPB Rejects J.G. Wentworth’s Challenge to Investigative Demand

CFPB Rejects J.G. Wentworth’s Challenge to Investigative Demand

Consumer Financial Protection Bureau Director Richard Cordray this month signed an order rejecting J.G. Wentworth, LLC’s petition for an order to set aside or modify a CFPB civil investigative demand. In the order, Cordray said that the CFPB in September, 2015, has issued a civil investigative demand (CID) to J.G. Wentworth, stating in the DIC that it had been issued “to determine whether persons involved in advancing funds in exchange for the rights to future payments from structured settlements or…

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