Center For Responsible Lending Calls for Answers on CFPB Settlement That Seems To Let Predatory Lender Off the Hook
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB), which is led by Director Kathy Kraninger, announced a settlement with Mark Corbett, who sold veterans deceptive, high-interest loans. While under the settlement Mark Corbett will not continue in this line of business, he also received a civil money penalty of a single dollar. This settlement arrives a few days after Director Kraninger announced that the CFPB will not monitor lenders to verify compliance with the Military Lending Act, a law that protects military servicemembers and their dependents from predatory loans.
Center for Responsible Lending Litigation Counsel Will Corbett (no relation), a former CFPB attorney, issued the following statement:
It looks like the Trump-appointed political leadership at the CFPB is letting a person who preyed on veterans get away with a slap on the wrist. This should not be the end of the story as the CFPB has a responsibility to pursue justice for the veterans who were scammed.
The agency’s current political appointees have consistently sided with predatory lenders over American consumers. Director Kraninger has an obligation to chart a new course.
For more information, or to arrange an interview with a CRL spokesperson on this issue, please contact Matthew Kravitz at email@example.com or 202-349-1859.