CFPB v. Main Street Personal Finance, Inc., ACAC, Inc. d/b/a Approved Cash Advance, and Quik Lend, Inc.
The Bureau found that Main Street/Approved Cash violated of the Consumer Financial Protection Act (CFPA) and the Truth in Lending Act (TILA).
Specifically, the Bureau found that Approved Cash violated the CFPA’s prohibition against engaging in deceptive acts or practices and TILA by concealing and understating the actual finance charges of its auto-title loans, which are called auto-title pledge transactions under Mississippi state law, for over 4,000 consumers. The Bureau also found that Approved Cash violated the CFPA’s prohibition against unfair acts or practices and TILA by retaining consumers’ overpayments on their loans for months and sometimes years instead of returning those funds to consumers. The Bureau also found that Approved Cash engaged in unfair debt collection practices in violation of the CFPA when it made numerous calls to consumers’ workplaces, references, and other third parties after being asked to stop, and improperly disclosed consumers’ debts to third parties or used tactics that risked such disclosures.
The CFPB contracted with Epiq Global to administer payments for this case and to answer questions from consumers. 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, Main Street, 1700 G Street NW, Washington DC 20552.
November 4, 2021– January 2023: Distribution