PaydayLoan and Collections CFPB Report: $70M Refunds to 775,000 Borrowers

Published: Thu, 05/22/14

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This out today:
Read online: http://goo.gl/mFPKgc

WASHINGTON, D.C. - The Consumer Financial Protection Bureau (CFPB)
today issued a report highlighting illegal actions uncovered by the
Bureau's supervision of the payday, debt collection, and
consumer reporting markets. These markets are being federally
supervised for the first time. The report also notes that recent
non-public CFPB supervisory activities overall have resulted in
more than $70 million in remediation to approximately 775,000
consumers.

"For the first time at the federal level, nonbank financial
institutions are subject to supervisory oversight that holds them
accountable for how they treat consumers Read more:
http://goo.gl/mFPKgc

[Note: Payday loan financial product substitutes are rendering
traditional payday loans moot. Workplace advances - partnering with
employers, apps, debit and prepaid cards, remote checks, eChecks,
small business loans...]
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