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.).