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National Consumer Agency Hits Local Payday Lender with Penalty

 


The Consumer Financial Protection Bureau (CFPB) announced Friday that Washington State payday lender MoneyTree has agreed to pay $255,000 in refunds to consumers. In addition, they will pay a $250,000 penalty for deceiving customers about prices, making false threats of vehicle repossessions, and withdrawing funds from customer accounts without authorization. Anti-poverty and consumer advocates were quick to support the actions taken by the CFPB. Marcy Bowers, executive director of the Statewide Poverty Action Network, noted that financial institutions, including banks and payday lenders, must be subject to strong regulation. Bowers made the following statement: “Poverty Action commends...



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