CFPB Takes Action Check Cashing Company

On Wednesday, May 11, 2016, the CFPB took action against All American Check Cashing, Inc., for allegedly using deceptive tactics, including not disclosing fees to consumers, misrepresenting its payday loan products, and retaining consumers’ overpayments. The Bureau’s complaint also names Mid-State Finance, Inc., another payday loan and check cashing company, and Michael Gray, the President and owner of both businesses. The CFPB will seek monetary relief, injunctive relief, and penalties for the alleged actions.