CFPB sues Virginia pawnbroker/auto title lender

CFPB sues Virginia pawnbrokerOn November 3, the CFPB filed a lawsuit in Virginia federal district court against B&B Pawnbrokers, Inc. (“B&B”) for allegedly deceiving consumers about the actual annual cost of its loans.

B&B operates in Fredericksburg, Virginia and offers closed-end pawn and auto title loans. In the complaint, the Bureau alleged that B&B violated the Truth in Lending Act (TILA) and the Consumer Financial Protection Act (CFPA).


CFPB fines TitleMax $9 million

On September 26, the CFPB issued a press release announcing that it has entered into a consent order with TMX Finance, LLC (TMX). The consent order settles allegations that the title lender engaged in unfair collection practices and failed to provide sufficient information to consumers regarding the terms of auto title loans, pawns or pledges. TMX is required to pay a $9 million penalty to the Bureau’s Civil Penalty Fund.


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