CFPB sues online tribal lenders for illegal debt collection

Law360, New York (April 27, 2017, 6:45 p.m. EDT) – The Consumer Financial Protection Bureau announced Thursday that it has filed a lawsuit in Illinois federal court against four online lenders owned and appointed by Habematolel Pomo d ‘Upper Lake. Indian tribe, claiming to have deceived clients into collecting debts they did not legally owe.

The complaint has been filed against Golden Valley Lending Inc., Silver Cloud Financial Inc., Mountain Summit Financial Inc. and Majestic Lake Financial Inc., alleging that they have collected installment loans that are void in whole or in part under state law, and that collection on canceled loans is deceptive and abusive. The CFPB …

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About Coy Lewallen

Coy Lewallen

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