CFPB Brings Administrative Lawsuits Against Five Arizona Title Lenders


On September 21, the Consumer Financial Protection Bureau (CFPB) announced that it filed five individual administrative lawsuits against Arizona title lenders.

Each suit concerns allegations that the title lenders’ online advertisements failed to disclose title annual percentage rates, in violation of the Truth in Lending Act.  Instead, the Bureau alleged, the companies advertised a periodic interest rate for their loans without also displaying the corresponding annual percentage rate.  One lender instructed consumers to multiply the advertised rate by twelve, but did not inform consumers that the resulting rate was their annual percentage rate.

Each complaint seeks civil monetary penalties and administrative orders that would require the lenders to change their practices.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Goodwin | Attorney Advertising

Written by:


Goodwin on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.