Josh Landy, Richard Moseley Jr. slapped with payday lawsuit from Consumer Financial Protection Bureau
Today the Consumer Financial Protection Bureau -- Trump wants to gut this agency -- filed a lawsuit against, you guessed it, another Kansas City area payday lending operation.
This time it’s an outfit nominally based on tribal land in California but that has been operating in Kansas. This ought to sound familiar by now.
The lawsuit alleges four different lending operations -- Golden Valley Lending, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc., and Majestic Lake Financial, Inc. -- were deceiving consumers on debts they did not legally owe, collecting loan payments they were not entitled to, and failing to disclose the true annual percentage rates of loans.
"We allege that these companies made deceptive demands and illegally took money from people's bank accounts,” CFPB chief Richard Cordray says in a release. “We are seeking to stop these violations and get relief for consumers."