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- The Consumer Financial Protection Bureau (“CFPB”) has reached a settlement with the financial company Driver Loan, LLC and its COO (collectively “Driver Loan”) to resolve allegations that it misled consumers with regard to its financial products in violation of the Dodd. -Frank’s Law on Consumer Financial Protection.
- the complaint alleged that, among other things, Driver Loan made short-term, high-interest consumer loans that violated Florida usury laws and distorted the interest rates that consumers were required to pay on loans, which actually amounted to 990%. In addition, Driver Loan reportedly funded its loans with deposits collected from other consumers and marketed its deposit system by promising that funds were “FDIC insured†at member banks and that deposits were guaranteed for an annual return. as a percentage of 15%, although the deposits were not placed in FDIC insured accounts and were not guaranteed to produce a return.
- According to the final judgment proposal stipulatedDriver Loan will reimburse approximately $ 1 million in deposits it has collected plus any interest owed to consumers under the terms advertised, and will also pay a civil fine of $ 100,000 to CFPB. Driver Loan will also be permanently banned from any deposit collection activity, among others.
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