This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Cash America Announces Settlement With The Consumer Financial Protection Bureau

Stocks in this article: CSH

Cash America International, Inc. (NYSE:CSH) today announced that it has reached a settlement with the Consumer Financial Protection Bureau. Without admitting or denying any of the facts or conclusions made by the CFPB from its review, Cash America agreed in a consent order to pay a penalty of $5 million and to set aside $8 million for a period of 180 days to fund any further payments to eligible Ohio customers who make valid claims in connection with its previously disclosed Ohio voluntary reimbursement program. Cash America has already refunded approximately $6.4 million in connection with this program. Cash America previously disclosed that the CFPB was contemplating an enforcement action.

“We fully cooperated with the CFPB in connection with its examination of our business,” said Daniel R. Feehan, Cash America International, Inc. Chief Executive Officer and President. “Now that we have completed the initial CFPB review process and entered into this settlement, we will continue to focus on serving our customers while working to develop additional compliance programs as required by the CFPB.”

The consent order relates to issues self-disclosed to the CFPB during its 2012 examination of Cash America. The first issue includes the improper preparation of certain court documents in connection with collections lawsuits initiated by Cash America in Ohio. Cash America previously disclosed this situation in December 2012 and announced that it implemented a voluntarily reimbursement program for affected customers. The second issue involves a limited number of loans extended to consumers who may have been members of the military at rates in excess of the annual percentage rate permitted by the Military Lending Act. Cash America corrected the systems errors that permitted these loans to be made and refunded approximately $33,500 to the affected customers. The last issue relates to certain failures to timely provide and preserve records and information in connection with the CFPB’s examination of Cash America. As a result of the CFPB’s review, Cash America is in the process of enhancing its compliance management programs and implementing additional procedures and controls to address the issues and will provide periodic reports to the CFPB.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,805.82 +27.67 0.16%
S&P 500 2,072.96 +11.73 0.57%
NASDAQ 4,773.0150 +24.6190 0.52%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs