CFPB distributes millions to victims in veteran-related scam [Video]

(InvestigateTV) — The Consumer Financial Protection Bureau (CFPB) in 2023 distributed almost $6 million to consumers harmed by illegal lending practices targeting veterans.

Jim Rice with the CFPB spoke about their push to protect veterans.

“I think it’s important that people who are making the commitment that they do to the country get at least the things that they are owed,” Rice said.

A CFPB investigation found five people and their companies misled veterans and other consumers into selling their pension and disability payments.

“In the recent case, the companies made false statements to consumers that they were legally obligated to make payments on avoided contracts, high interest loans or loans that have a very high annual percentage rate, as well as fees that are associated with that loan,” Rice explained. “For example, a typical two-week payday loan with a $15 per $100 fee that equates to an annual percentage rate of almost 400%. They either advertise the loan at …