Tag Archives: consumer

BUREAU OF CONSUMER FINANCIAL PROTECTION SETTLES WITH TRITON MANAGEMENT GROUP

Media contact:
Office of Communications
Tel: (202) 435-7170

BUREAU OF CONSUMER FINANCIAL PROTECTION SETTLES WITH TRITON MANAGEMENT GROUP

Triton Did Not Properly Disclose Terms and Conditions of Certain Loan Products, and Failed to Disclose Finance Charges in Advertisements

WASHINGTON, D.C. — The Bureau of Consumer Financial Protection (Bureau) today announced a settlement with Triton Management Group, Inc., a small-dollar lender that operates in Alabama, Mississippi, and South Carolina under several names including “Always Money” and “Quik Pawn Shop.”

As described in the consent order, the Bureau found that Triton violated the Dodd-Frank Wall Street Reform and Consumer Protection Act and the disclosure requirements of the Truth in Lending Act by failing to properly disclose finance charges associated with their auto title loans in Mississippi. The Bureau also found that Triton used advertisements that failed to disclose the annual percentage rate and other information required by the Truth in Lending Act.

Under the terms of the consent order, Triton and its subsidiaries are barred from misrepresenting the costs and other terms of their loans and must return unlawful fees paid by consumers. The order enters a judgment of $1,522,298 against Triton, which represents the undisclosed finance charges consumers paid on their Triton loans. As explained in the order, full payment of this amount is suspended subject to Triton’s paying $500,000 to affected consumers.

The consent order filed today is available at: https://files.consumerfinance.gov/f/documents/bcfp_triton-management-group_consent-order_2018-07.pdf

 

CONSUMER FINANCIAL PROTECTION BUREAU ISSUES REQUEST FOR INFORMATION ON CONSUMER FINANCIAL EDUCATION

FOR IMMEDIATE RELEASE:
April 4, 2018

CONTACT:
Office of Communications
Tel: (202) 435-7170

CONSUMER FINANCIAL PROTECTION BUREAU ISSUES REQUEST FOR INFORMATION ON CONSUMER FINANCIAL EDUCATION

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today issued a Request for Information (RFI) on consumer financial education. The Bureau is seeking comments and information from interested parties to assist the Bureau in assessing the overall efficiency and effectiveness of its consumer financial education programs. This includes the Bureau’s delivery of financial education through online tools, print publications, and community collaborations. This the 11th in a series of RFIs announced as part of Acting Director Mick Mulvaney’s call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions. This RFI will provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities. The next RFI in the series will address consumer inquiries, and will be issued next week.

The RFI on consumer financial education is available at: https://files.consumerfinance.gov/f/documents/cfpb_rfi_consumer-education_042018.pdf

The CFPB will begin accepting comments once the RFI is printed in the Federal Register, which is expected to occur on approximately April 9. The RFI will be open for comment for 90 days.

More information about the call for evidence is available at: https://www.consumerfinance.gov/policy-compliance/notice-opportunities-comment/open-notices/call-for-evidence/

CFP: New Rule Making Authorities – United States Dodd-Frank Act

FOR IMMEDIATE RELEASE:
March 14, 2018

CONTACT:
Office of Communications
Tel: (202) 435-7170

CONSUMER FINANCIAL PROTECTION BUREAU ISSUES REQUEST FOR INFORMATION ON ADOPTED REGULATIONS AND NEW RULEMAKING AUTHORITIES

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today issued a Request for Information (RFI) on the Bureau’s adopted regulations and new rulemaking authorities. The Bureau is seeking comments and information from interested parties to assist the Bureau in considering whether it should amend any rules it has issued since its creation or issue rules under new rulemaking authority provided for by the Dodd-Frank Act. This is the eighth in a series of RFIs announced as part of Acting Director Mick Mulvaney’s call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers. This RFI will provide an opportunity for the public to submit feedback and suggest ways to improve outcomes for both consumers and covered entities. The next RFI in the series will address the Bureau’s inherited regulations and inherited rulemaking authorities, and will be issued next week.

The RFI on adopted rules is available at: https://files.consumerfinance.gov/f/documents/cfpb_rfi_adopted-regulations_032018.pdf

The CFPB will begin accepting comments once the RFI is printed in the Federal Register, which is expected to occur on approximately March 19. The RFI will be open for comment for 90 days.

The Bureau anticipates issuing RFIs on the following topics in the coming weeks:

  • Inherited Rules
  • Guidance and Implementation Support
  • Consumer Education
  • Consumer Inquiries

More information about the call for evidence is available at: https://www.consumerfinance.gov/policy-compliance/notice-opportunities-comment/open-notices/call-for-evidence/