The CFPB and the Virginia Attorney General announced that they had entered into a proposed consent order with Woodbridge Coins and Jewelry Exchange, Inc., a Virginia-based pawnbroker, to settle a lawsuit filed in a Virginia federal court alleging the pawnbroker’s closed-end pawn contracts violated the TILA, the CFPA, and Virginia law.… Continue Reading
pawnbroker
CFPB sues four pawnbrokers for alleged TILA and CFPA violations
By Barbara S. Mishkin on
Posted in CFPB Enforcement, Regulatory and Enforcement
The CFPB announced that it has sued four Virginia-based pawnbrokers in lawsuits filed in a Virginia federal district court for alleged violations of the Truth in Lending Act and the Consumer Financial Protection Act in connection with closed-end “pawn” loans made by the companies. The defendants are: Spotsylvania Gold & Pawn, Inc.… Continue Reading
CFPB files lawsuit against pawnbroker for alleged TILA and CFPA violations
By Barbara S. Mishkin on
Posted in CFPB Enforcement, Regulatory and Enforcement
The CFPB announced that it filed a lawsuit in a Virginia federal district court against B&B Pawnbrokers, Inc., for alleged violations of the Truth in Lending Act and the Consumer Financial Protection Act in connection with closed-end consumer loans made by the company. While the complaint only describes the loans as closed-end loans secured by personal property, the CFPB’s press release describes the loans as “pawn and auto title loans.”… Continue Reading