By Jody Godoy (Reuters) - A U.S. consumer finance regulator sued a subsidiary of fintech lender Curo Group Holdings Corp. on Tuesday, alleging it ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Jody Godoy
The U.S. Consumer Financial Protection Bureau said in the lawsuit filed in federal court in Greenville, South Carolina, that Heights Finance Holding Co. violated laws against unfair and abusive lending practices by"churning" loans through repeated refinancing, putting around 10,000 borrowers in continuous debt from 2013 to at least 2020.
CFPB Director Rohit Chopra said that what the company"sold as a financial lifeline was, in reality, pushing customers into financial quicksand."Curo acquired Heights Finance for $360 million in late 2021 from private equity firm Milestone Partners. The company incentivised employees to persuade delinquent borrowers to refinance or pay past due balances immediately, the CFPB said, citing emails from supervisors.
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