The FTC alleged that CWB Services and named defendants violated federal law related to closed end credit and failing to disclose in writing the terms associated with the loan.
CWB Services & Named Defendants Do Not Admit or Deny Their Actions
Under the stipulated order entered into with the FTC, CWB Services and other named defendants will not admit or deny their actions. However, they are banned from lending money in the future. They are also banned from participating in misrepresenting what they do and how they do it. This includes, but isn’t limited to the total costs, restrictions, limitations, or conditions of any future services. They are also required to receive written authorized for any preauthorized electronic transfers. The judgement amount against CWB Services and named defendants was $21.8 million. Consumers affected by the payday loan scam will receive a refund check averaging $40.
