CFPB sues Virginia pawnbroker for inaccurate APR disclosures

On February 2, the CFPB and Virginia Attorney General filed a lawsuit in federal court against Woodbridge Coins and Jewelry Exchange, Inc., doing business as Woodbridge Gold & Pawn (Woodbridge). Woodbridge’s principal place of business is in Woodbridge, Virginia. Woodbridge operates as a pawnbroker, issuing closed-end loans secured by personal property. The complaint alleges that Woodbridge’s [...]

By | 2017-02-02T15:52:07+00:00 February 2nd, 2017|CFPB Enforcement, Enforcement Action, Pawn Loans, Uncategorized|0 Comments

CFPB sues four Virginia pawnbrokers for deceptive practices

On December 19, 2016, the CFPB filed four lawsuits in federal district court against four Virginia pawnbrokers for alleged violations of the Consumer Financial Protection Act (CFPA) and the Truth in Lending Act (TILA). All four of the Bureau’s complaints are very similar in substance and format. In each complaint, the Bureau alleges that the [...]

By | 2016-12-20T00:00:56+00:00 December 20th, 2016|CFPB Enforcement, Enforcement Action, Pawn Loans, Uncategorized|0 Comments

CFPB sues Virginia pawnbroker/auto title lender

On 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 [...]

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