CFPB Enters Into Settlement With Payday Retail Lender
Retail lender had multiple violations.
A six-figure settlement was recently decided between the Consumer Financial Protection Bureau and the owners of a payday loan retail outlet that was operating in seven different states. This white paper reviews the violations that this company was guilty of and the additional steps the retail lender was told to handle.
Barbara S. Mishkin is a partner at the Philadelphia office of Reed Smith LLP. Ms. Mishkin concentrates her practice on banking law and consumer compliance. She advises lenders on federal, Pennsylvania and New Jersey laws affecting residential mortgage transactions, second mortgage loan transactions, home equity loan programs, credit card and revolving loan programs, retail and personal installment lending, and motor vehicle, manufactured home and other retail installment credit sale transactions. Her clients include banks, thrifts, credit unions, mortgage lenders, finance companies and insurance companies. Ms. Mishkin received her J.D. degree, cum laude, from University of Pennsylvania Law School.
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