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Cash America International Incorporated
Consumer bureau fines payday lender Cash America, orders refunds
Consumer bureau fines payday lender Cash America, orders refunds

WASHINGTON -- In its first enforcement action against a payday lender, the Consumer Financial Protection Bureau on Wednesday fined Cash America International $5 million and ordered $14 million in refunds for overcharging customers, robo-signing documents in debt collection lawsuits and impeding an investigation. Almost all the refunds go to consumers in Ohio, where lawyers for a subsidiary, Cashland Financial Services Inc., signed documents without reviewing them, the bureau said. Created by the 2010 financial reform law, the bureau started overseeing payday lenders in 2012. It marked the first federal oversight for an industry that has expanded in recent years as consumers struggled...

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