CFPB Fines Lender $2.25M for Misleading Veterans on Loan Costs
Account Recovery
AUGUST 30, 2024
The Consumer Financial Protection Bureau yesterday announced a $2.25 million civil penalty against New Day Financial for deceiving veterans and active-duty servicemembers in connection with cash-out refinance loans. This action comes after the CFPB found that the lender provided misleading cost comparisons to borrowers in North Carolina, Maine, and Minnesota, falsely making its loans appear less expensive than they were.
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