CFPB’s Consent Order with EZCORP Means the Lender will Pay Up
CFPB alleged EZCORP violated the CFPA by making false threats of legal action, misrepresented repayment and collections processes, and collecting debts through in-home visits, third-party calls, and calls to consumers workplaces. Further, CFPB asserted EZCORP violated the EFTA by demanding authorization of electronic transfers as a condition for granting loans. Per the resulting consent order, EZCORP will pay $7.5 million to customers and a $3 million civil penalty. [1/19/16]
