It's been a busy week for the CFPB; since Sept. 21, the agency has taken action against six loan companies and a credit repair firm for deceiving consumers in a variety of ways.
On Monday, the CFPB took administrative action against TitleMax parent company, TMX Finance for luring consumers into expensive loan renewals by presenting them with misleading information. The agency also said the company used unfair debt collection tactics that illegally exposed information about a borrower's debts to employers, friends and relatives.
The Savannah, Ga.-based company is one of the nation's largest auto title lenders; it has more than 1,300 storefronts in 18 states, according to the CFPB.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
