CFPB unveils settlement in NDG online payday loans case

Law360 (February 1, 2019, 10:26 p.m. EST) – The Consumer Financial Protection Bureau reached a deal with a range of Canadian and Maltese companies accused of running an illegal online payday loan program, unveiling a deal on Friday which does not come with a fine but involves prohibiting companies from making new loans and collecting old ones.

The settlement, filed in a draft judgment stipulated in New York federal court, would resolve the CFPB’s case against British Columbia-based NDG Financial Corp., several business executives and a range of Canadian-based affiliates. and Malta. Together, these defendants sold “unauthorized and usurious payday loans on the Internet …

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