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Servicemembers to get relief from predatory lender
The CFPB has announced that it and 13 state attorneys general obtained a Consent Order providing approximately $92 million in debt relief from Colfax Capital Corporation and Culver Capital, LLC, also known as "Rome Finance," for about 17,000 U.S. servicemembers and other consumers harmed by the company's predatory lending scheme. The relief comes in the form of termination of servicemembers' obligations under current Rome Finance financing agreements. Portions of the order calling for reimbursements will be suspended because Rome Finance is in bankruptcy. However, a $1 million civil penalty is to be paid under the order.