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Bureau Settles with Cash Express
On Wednesday, October 24, 2018, the Bureau of Consumer Financial Protection issued press release announcing a settlement with Cash Express, LLC, a small-dollar lender that offers payday and title loans, as well as cash-checking services. In the consent order, the Bureau found that Cash Express violated the Consumer Financial Protection Act (CFPA) by deceptively threatening in collection letters that it would take legal action against consumers, even though the debts were past the date for suing on legal claims, and it was not Cash Express’s practice to file lawsuits against these consumers. The Bureau also found that Cash Express violated the CFPA by misrepresenting that it might report negative credit information to consumer reporting agencies for late or missed payments, when the company did not actually report this information. The order requires Cash Express to pay approximately $32,000 in restitution to consumers, and pay a $200,000 civil money penalty.