CFPB v. Colfax Capital Corporation
The Consumer Financial Protection Bureau, or CFPB, entered into a settlement with Colfax Capital Corporation; also known as Rome Finance Company, Inc.; Culver Capital, LLC; or Rome Finance Company (GA), LLC.
The CFPB alleged that Colfax Capital Corporation violated provisions of TILA by masking the expensive finance charges in consumer contracts by artificially inflating the disclosed price of the consumer goods being sold. The company also failed in providing certain disclosures in billing statements sent to consumers and charged annual percentage rates higher than some states allowed, which voided or limited the collectable debt in some states under state lending law. These laws violated by the company prohibit the unfair, deceptive, or abusive acts or practices against consumers.
The CFPB contracted with Rust Consulting. to administer victim payments and answer questions from consumers about these payments and this case. This matter is now closed.
Payments and check reissue requests are no longer being honored. For more information on this closed case, contact us at Consumer Financial Protection Bureau, Attn: OCFO, Colfax Capital Corporation - Case, 1700 G Street NW, Washington DC 20552
Distribution: December 15, 2015 – March 15, 2017