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The Consumer Financial Protection Bureau announced a settlement with Settlelt over allegations that it engaged in unfair acts and practices. The complaint alleges that the company failed to disclose its relationship to certain creditors, and steered consumers into high-cost loans offered by its affiliated lenders.
The settlement includes a stipulated final judgment requiring Settlelt to return at least $646,000 to consumers, pay a $750,000 civil penalty, and prohibits the company from settling debts for creditors with which it shares an ownership interest.