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CFPB: Add-On Products for Loans Must Be Truly Optional

The CFPB issued an order against OneMain Financial, Inc. and affiliated entities for allegedly deceptive acts and practices in violation of the Consumer Financial Protection Act of 2010 in connection with providing personal installment loans. According to the order, the lender deceived consumers into signing up for optional add-on products such as roadside assistance benefits…

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Pennsylvania AG Settles for $11.4 Million over Allegedly Predatory Lending Scheme Targeting Low-Income Retail Purchasers

Pennsylvania AG Michelle Henry settled with Snap Finance LLC and its subsidiaries to resolve allegations the lending company violated various state consumer protection laws by providing predatory, deceptive loans to low-income individuals financing large retail purchases. According to the AG, Snap Finance marketed its loans as having short pay-back periods, but actually locked consumers into…

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Coin Cafe Settles with New York AG for $4.3 Million to Resolve Allegations of Exorbitant and Deceptive Crypto Storage Fees

New York AG Letitia James settled with cryptocurrency trading platform Coin Cafe, Inc. to resolve allegations that the company violated the Martin Act and New York Executive Law by misleading investors about the excessive storage fees it charged to use its wallet storage services.

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