Consumer Protection Agency Will Not Pursue Lawsuit Against Lender Who Hit Consumers with 950% Interest Rates
In April 2017, the Consumer Financial Protection Bureau filed a lawsuit against Golden Valley Lending. The lender allegedly charged consumers up to 950% interest and the CFPB had been building a case for deceptive and abusive practices against them for years.
Mick Mulvaney was recently appointed by President Trump to run the consumer protection agency and has since dropped the lawsuit against the reportedly deceptive lender. CFPB staffers are outraged that the case has been dropped, despite the allegedly unfair methods used by the loan shark and years of work that CFPB attorneys had put into building this case. According to Christopher Peterson, an attorney who had been working on the case, Golden Valley Lending was “making 950% interest rate loans to struggling families in ways that were illegal and unauthorized under both state and federal law.”
When consumers are desperate, need money quickly, or do not read the fine print, they are susceptible to being taken advantage of by lenders. Companies like Golden Valley often provide fast cash to consumers and charge high interest rates that force loan recipients to pay back multiple times what they borrow which, in extreme cases, can be illegal and abusive.
What Can I Do About High Interest Rates and Loan Sharks?
If you have fallen on hard times, taken out a loan, then been smacked with absurd interest rates, you may need to involve an attorney. Depending on your interest rate, you may be able to take legal action against your lender for unfair, deceptive, or abusive practices and hold loan sharks accountable for their actions and unlawful practices.
Speak with an Illinois Consumer Class Action Attorney Immediately by Calling (312) 313-1613.
If you have been taken advantage of by a lender, there is a good chance you’re not the only victim. There are likely many other people who have been in your shoes and who have been directly harmed by the same lender. By getting in touch with an Illinois consumer class action lawyer, you can discuss the details of your case and decide how best to proceed, whether that means filing a lawsuit of your own or joining a class action against the lender. Regardless of what the right solution is, our experienced attorneys at Atlas Consumer Law are here to stick up for you and protect you from harmful business practices and rectify the damage that has been done as much as it is in our power to do so.
Call (312) 313-1613 today to speak with a consumer class action lawyer or contact us to tell us about your situation.