Cash America International, one of the payday lending industry's biggest companies, has agreed to pay up to $19 million for alleged violations that include impeding the Consumer Financial Protection Bureau's examination process.
"The Bureau will detect and punish entities that withhold, destroy, or hide information relevant to our exams," CFPB Director Richard Cordray said.
The payday lender did not admit nor deny wrongdoing, however Cash America did say that it is taking steps to comply with the agency's consent order requirements.
"Now that we have completed the initial CFPB review process and entered into this settlement," Cash America Chief Executive Officer Daniel Feehan said in a news release, "we will continue to focus on serving our customers while working to develop additional compliance programs as required by the CFPB."
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