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CFPB Files Enforcement Action Against Snap Finance [1]

['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']

Date: 2023-07-30  

The Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Snap Finance LLC and affiliated entities on July 19, 2023. Snap is a group of interrelated companies headquartered in West Valley, Utah. They offer and provide lease-purchase or rental-purchase financing, through which consumers finance merchandise and services from merchants and make payments back to Snap.

The CFPB alleges that Snap misled consumers through the advertising, servicing, and collections of its agreements. They also allege that Snap failed to provide consumers with required disclosures and interfered with consumers' ability to understand the terms and conditions of their agreements.

The CFPB alleges that Snap's conduct violated the Consumer Financial Protection Act of 2010, the Truth in Lending Act, the Electronic Fund Transfer Act, and the Fair Credit Reporting Act.

The CFPB is seeking injunctions to prevent future violations, rescission or reformation of Snap's financing agreements, redress to consumers, and civil money penalties.

Original Complaint

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[1] Url: https://www.dailykos.com/stories/2023/7/30/2184256/-CFPB-Files-Enforcement-Action-Against-Snap-Finance

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