The consumer Financial Protection Bureau ordered CashAmerica (also know as Cashnet USA) to pay $19 million in fines and restitution for:
- Illegally overcharging servicemembers
- Instructing employees to limit the information they provided to the CFPB about their sales and marketing pitches;
- Deleting recorded phone calls with consumers;
- Continuing to shred documents after the CFPB told them to halt such activities; and
- Employees manually stamped attorney signatures on legal pleadings, military-status affidavits, and consumer account paperwork without prior review
http://www.consumerfinance.gov/newsroom/consumer-financial-protection-bureau-takes-action-against-payday-lender-for-robo-signing/
CashnetUSA makes loans to Virginia consumers and advertises through the media in Virginia, yet their loans are void here. It doesn't surprise me at all that they would be found violating more laws and evading supervision. Their harassing debt collection practices, selling consumers' information, and not loaning true open-end credit, but calling their product that to evade the law, are just some of the problems found in Virginia. They clearly have no respect for any laws except their arbitration clauses.
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