Another financial-sector company is fighting to keep its name secret as it challenges the power of the CFPB to bring an enforcement action.
The company—identified only as "John Doe" in Washington federal trial court—offers pension advance products that allow consumers to receive a lump sum payment in exchange for a portion, or all, of their future pension.
The CFPB has warned that such products can "eat into your retirement income." State regulators in New York and California, among other states, have taken actions in recent years against practices in the pension-advance market.
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.
C. Ryan Barber
C. Ryan Barber, based in Washington, covers government affairs and regulatory compliance. Contact him at [email protected]. On Twitter: @cryanbarber
