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CFPB sales EZCORP to cover $10 Million for prohibited Debt Collection Tactics

Monday, July 20th, 2020

CFPB sales EZCORP to cover $10 Million for prohibited Debt Collection Tactics

Bureau problems Industry-Wide Warning On Home, Workplace business collection agencies Risks WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today took action against EZCORP, Inc., a lender that is small-dollar for unlawful business collection agencies methods. These strategies included unlawful visits to customers at their houses and workplaces, empty threats of appropriate action, lying about consumers’ legal rights, and exposing customers to bank costs through unlawful withdrawals that are electronic. The Bureau ordered EZCORP to refund $7.5 million to 93,000 consumers, spend $3 million in charges, and prevent number of staying payday and installment loan debts owed by approximately 130,000 consumers. It additionally bars EZCORP from future debt collection that is in-person. In addition, the Bureau issued an industry-wide warning about gathering financial obligation at houses or workplaces.

“People struggling to pay for their bills must not additionally worry harassment, humiliation, or negative work effects due to loan companies, ” said CFPB Director Richard Cordray. “Borrowers should really be addressed with typical decency.

Until recently, EZCORP, headquartered in Austin, Tex., as well as its related entities provided high-cost, short-term, quick unsecured loans, including payday and installment loans, in 15 states and from significantly more than 500 storefronts. It did this underneath names“EZMONEY that is including Payday, ” “EZ Loan Services, ” “EZ Payday Advance, ” and “EZPAWN payday advances. (more…)