Consumer Finance Protection Bureau Sues Offshore Payday Lender

The Consumer Financial Protection Bureau ("CFPB") filed a lawsuit in federal district court against an offshore payday lender for collecting payday loans over the Internet to U.S. consumers in all 50 states. The CFPB alleged that the defendants illegally collected loan amounts and fees that were void or that consumers had no obligation to pay, and falsely threatened consumers with lawsuits and imprisonment. The CFPB stated that it seeks to "end the companies' alleged illegal practices and obtain monetary relief for consumers."

See: CFPB Press Release.