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Moneytree payday lender ordered to pay $505,000 for misleading customers

( December 16, 2016, 20:35 GMT | Official Statement) -- MLex Summary: The US Consumer Financial Protection Bureau took action against Moneytree, a financial services company that offers payday loans and check-cashing services, for misleading consumers with deceptive online advertisements and collections letters. The company also made unauthorized electronic transfers from consumers' bank accounts. The CFPB has ordered the company to cease its illegal conduct, provide $255,000 in refunds to consumers, and pay a civil penalty of $250,000.Statement follows below. Please see attached order....

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