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April 26, 2017

Posted  April 26, 2017

April 26 – The CFPB took action against Security National Automotive Acceptance Company (SNAAC), an auto lender specializing in loans to servicemembers, for violating a Bureau consent order. In 2015, the CFPB ordered SNAAC to pay both redress and a civil penalty for illegal debt collection tactics, including making threats to contact servicemembers’ commanding officers about debts and exaggerating the consequences of not paying. SNAAC failed to provide more than $1 million in refunds and credits, affecting more than 1,000 consumers. The CFPB’s order requires SNAAC to make good on the redress it owes to those consumers and pay an additional $1.25 million penalty. CFPB

Tagged in: Financial Institution Fraud,