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Cash America agrees to pay $19 million to settle charges that it illegally robo-signed documents, overcharged members of the military, and stymied a CFPB examination by destroying and withholding information.
November 20 -
Cash America will pay up to $19 million to settle allegations that it robo-signed documents, overcharged military borrowers and destroyed documents during a CFPB exam.
November 20 -
First Financial Service in Kentucky and State Employees' Credit Union in North Carolina believes their products are responsible and avoid taking advantage of borrowers. But they are concerned that the CFPB could pressure them to end their programs.
November 18 -
Facing strict new guidelines on deposit-advance loans, banks must now decide if it's worth their while to offer short-term credit to cash-strapped borrowers.
April 25
The small-dollar lender First Cash Financial Services (FCFS) has agreed to buy a 12-store pawnshop chain in the Charleston, S.C., area.
The deal, announced Tuesday, would give First Cash 18 South Carolina locations, it said. The Arlington, Texas, company did not disclose the seller or the financial terms of the agreement, which is pending customary closing conditions.
First Cash has added more than 80 locations so far this year, including 19 stores in Texas and eight stores in Mexico. Following the South Carolina acquisition, First Cash would have 901 pawnshops in the U.S. and Mexico.
"The twelve Charleston stores being acquired have well-established locations with significant market share and strong brand awareness in their market," Rick Wessel, First Cash's chief executive, said in the news release. "The Charleston area represents a new market in South Carolina for First Cash and will complement our existing six locations in Greenville, Columbia and Spartanburg."
Banks that offer small-dollar loans have been under increasing regulatory scrutiny over the past year, as the Consumer Financial Protection Bureau and other agencies have moved to tighten standards for issuing the payday-type loans. Industry groups have argued that stricter oversight will drive borrowers to less tightly regulated lenders, such as pawnshops.
