29 Jul '14, 7pm

17,000 troops' debt relieved in settlement with loan company: About 17,000 service members tricked i... #airforce

About 17,000 service members tricked into predatory loans could see their debts erased under a settlement announced by federal and state regulators Tuesday. Officials connected with Rome Finance, now part of Colfax Capital Corp. and Culver Capital LLC, agreed with the Consumer Financial Protection Bureau and 13 state attorneys general to wipe out $60 million in outstanding loans and stop collections on another $32 million in loans found to be offered under false pretenses. The California consumer lending company offered no-money-down, instant financing loans for computers, TVs and other electronics at mall kiosks near military bases. CFPB Director Richard Cordray said in a statement that the firm’s business model was aimed directly at fleecing service members. “Today, their long run of picking the pockets of our military has come to an ignominious end,” Cordray said. Regul...

Full article: http://www.airforcetimes.com/article/20140729/NEWS/307290069

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