CFPB Drops Lawsuit Against Payday Lender

The CFPB has dropped a recent lawsuit against a payday lender accused of charging up to 950% interest.

The original complaint alleged that the payday lender collected installment loans that were void in whole or in part under state law and that it violated federal law by failing to disclose the applicable annual percentage rates for their loans when required to do so.  The CFPB did not cite a reason for dropping the lawsuit.  The case is CFPB v. Golden Valley Lending, Inc., et al., Case No. 17-cv-02521 (District of Kansas).