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CFPB Sues Four On Line Lenders for Collecting on Debts Consumers Would Not Legally Owe

CFPB Sues Four On Line Lenders for Collecting on Debts Consumers Would Not Legally Owe

Bureau Alleges Organizations Deceived Consumers About Financial Obligation Which Was Not Legally Owed

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against four online loan providers – Golden Valley Lending, Inc., Silver Cloud Financial, Inc., hill Summit Financial, Inc., and Majestic Lake Financial, Inc. – for deceiving customers by gathering financial obligation they certainly were perhaps perhaps maybe not legitimately owed. In a suit filed in federal court, the CFPB alleges that the four loan providers could perhaps not lawfully gather on these debts since the loans were void under state rules regulating rate of interest caps or the certification of loan providers.