CFPB Files Notice of Appeal in Payday Lending Case

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The CFPB recently appealed the judgment that it obtained against a national payday lender, in which the district court ordered a significantly smaller penalty than the CFPB had sought.

The CFPB is appealing the district court’s order that denied the $236 million in restitution sought by the CFPB, and imposed a $10 million penalty against the lender, significantly less than the $52 million the CFPB asked for. As previously reported, the district court did not find that the CFPB had shown that the lender engaged in a deliberate scheme to evade consumer protection laws, which made restitution inappropriate, nor had the CFPB proven that the amount that it was seeking was a reasonable approximation of the Defendant’s unjust gains.

The payday lender has cross-appealed.

The case is CFPB v. Cashcall, Inc., No. 2:15-cv-7522 (C.D. Cal.), and the appeal is No. 18-55407 (9th Cir.).

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.

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