World-Wide Reach - Strong Local Presence!

CFPB Sues Woodridge Gold & Pawn

Sevilla Local Media
CFPB logo

FOR IMMEDIATE RELEASE:
February 2, 2017

CONTACT:
Office of Communications
Tel: (202) 435-7170

CONSUMER FINANCIAL PROTECTION BUREAU AND VIRGINIA ATTORNEY GENERAL TAKE ACTION AGAINST WOODBRIDGE GOLD & PAWN FOR DECEIVING CONSUMERS ABOUT LOAN COSTS
Pawnbroker to Pay Restitution to Consumers and End Deceptive Practices

Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Attorney General of Virginia took action today against Woodbridge Coins and Jewelry Exchange, Inc., doing business as Woodbridge Gold & Pawn, for deceiving consumers about the actual annual costs of its loans. The CFPB and the Virginia Attorney General alleged that the company broke the law by misstating the charges associated with pawn loans. The CFPB and the Virginia Attorney General are filing a complaint and a proposed consent order in federal court. If approved by the court, the proposed order would require Woodbridge Gold & Pawn to pay $79,000 in consumer relief and penalties and end deceptive disclosures.

“Consumers are entitled to know the actual annual cost of a loan,” said CFPB Director Richard Cordray. “Woodbridge Gold & Pawn deceived consumers about those costs, and with today’s action we are securing relief for consumers who were wronged.”

“In recent years we have seen a rash of pawn brokers around Virginia skirting laws and overcharging consumers,” said Virginia Attorney General Mark Herring. “If you’re considering using a pawn shop or other small dollar loan, you should always closely review the terms and know your rights before signing anything that might result in even more money coming out of your pocket.”

Woodbridge Gold & Pawn is a pawnbroker based in Woodbridge, Va., that issues closed-end loans secured by personal property. The company charges consumers a finance charge on their loans. The charge is made up of four fees: “maintenance,” “interest,” “storage,” and “clerical.” The CFPB found that since at least May 2014, Woodbridge misled its customers about the costs of their loans by disclosing deceptively low annual percentage rates (APRs) that did not reflect all of the fees and charges tacked onto the loans. These inaccurate disclosures in many cases understated the true annual percentage rate by as much as half of the actual cost.

The CFPB and the Virginia Attorney General’s complaint alleges that the company’s actions violated the Truth in Lending Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, Virginia’s pawnbroker statutes, and the Virginia Consumer Protection Act. Under the proposed consent order, the company would be required to pay over $56,000 in restitution to approximately 1,000 consumers, forfeit over $17,000 in ill-gotten gains, and pay $5,000 to the Bureau’s Civil Penalty Fund.

The proposed consent order will have the full force of law only when signed by the presiding judge.

The complaint filed today is available here: http://files.consumerfinance.gov/f/documents/201702_cfpb_Woodbridge-Gold-Pawn-complaint.pdf

The proposed consent order is available here: http://files.consumerfinance.gov/f/documents/201702_cfpb_Woodbridge-Gold-Pawn-stipulated-final-judgment.pdf

###

The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.

Subscribe!

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 3,740 other subscribers

Upcoming Live Music

No shows booked at the moment.

Featured: Guitarist Gloria Estrada & Viento Callejero

Susie Garcia & Las Colibri

Follow me on Twitter

RSS Alexa Blog

  • How to Optimize Your Content for B2B Lead Generation
    Website content is one of the most powerful tools for B2B lead generation. Digital content drives audiences to a webpage, informs and engages them, and converts them into qualified leads. Every page on a website should be created with lead generation in mind. Even if an individual piece of content does not include a lead […]
  • The Best Tactics for Long-Term SEO Results
    When it comes to long-term SEO strategies, there are so many tactics to consider. As outlined in a recent Alexa post, there are dozens of powerful marketing strategies to consider, and each comes with its own set of investments, risks, and rewards. With so many options, many brands and marketers are left to ask: What […]
  • Here Are 10 Buyer Persona Examples to Help You Create Your Own
    In a recent post, we looked at how you can create a buyer persona to help you get to know your audience, improve your marketing strategies, and create better content. We also offered a PDF buyer persona template you could use to develop your ideal customer profile. Now, we are going to dive deeper into […]
  • This Buyer Persona Template Will Help You Make Top-Quality Content
    While there are many best practices for creating content, there is one rule that will always be the most important: Know your audience. If you don’t know whom you’re talking to, it’s almost impossible to create powerful, targeted content that connects with readers and compels them to take action. The most effective strategic content is […]
  • The Complete Guide to Marketing Strategies: Risks, Rewards, and Investments
    When you sit down to create a marketing plan, it can be a little overwhelming. With so many marketing strategies to choose from, it can be difficult to pick the tactics that are right for your business. On top of that, not all marketing tactics are created equal. Some strategies require more investment, meaning [...] […]

RSS Search Engine Watch

  • Smart shopping season checklists: Mobile and desktop, content and SEO
    Constantly changing consumer behaviors and the demand for more personalized, meaningful experiences have retailers facing huge challenges this year. Competition in the ... read more
  • Black Friday SEO: Last-minute tips for the holiday season
    Black Friday kicks off a shopping season that lasts through Christmas each year, with online retailers vying for the profitable attention of consumers. With spending expected to rise by 47% this year, competition will be fierce. Some final tweaks to your SEO can make the difference between rising to the top of results and languishing […]
  • What factors should you consider before choosing a web crawler tool?
    SEO is a many-headed beast. From off-page elements to on-page elements, covering all aspects of SEO can easily become a Herculean task, especially when dealing with large websites. That is why a tool that crawls your website on a regular basis and brings back reports on what needs to be fixed is a must-have. What […]
  • Image optimization 101: How to rank higher in image search
    Optimizing images to rank well in search is a must for an increasingly visual web: a good logo or some eye-catching graphics can be as effective at attracting visitors to your website as your written content. But even if you're highly familiar with optimizing written content for search, you may not know where to begin […]
  • The ultimate guide to choosing keywords for ROI
    Keyword research is not easy. Every SEO has done it, but few will ever master it completely. In this guide we go beyond raw search volume data to metrics that will help you choose the keywords that deliver the best ROI for you right now.

RSS Search Engine Land

  • Search in Pics: Android candy dispenser, Google Jiu Jitsu shirt & Bing partner plaque
    In this week’s Search In Pictures, here are the latest images culled from the web, showing what people eat at the search engine companies, how they play, who they meet, where they speak, what toys they have and more. Happy Thanksgiving cupcakes: Source: Instagram Android candy dispenser:... Please visit Search Engine Land for the full […]
  • 2-step methodology for dealing with PPC performance downturns
    What happens when your paid search campaigns are experiencing a sudden and unexpected performance drop? Columnist Jeff Baum shows how to handle this situation -- without losing your clients' trust. The post 2-step methodology for dealing with PPC performance downturns appeared first on Search... Please visit Search Engine Land for the full article.
  • Coming to terms with fake reviews
    In the same way that Google considers some forms of SEO to be unacceptable, they and other review sites dislike any reviews that aren’t organic -- yet fake reviews are still prevalent. Columnist Kevin Lee discusses the scope of the problem and why you should resist the temptation to solicit fake... Please visit Search Engine […]
  • Thanksgiving Google doodle turkey pardons itself & takes leave from any dinner traditions
    “Unlike his domesticated brethren," writes Google, "the Turkey in today’s Doodle is taking flight…from the Thanksgiving table.” The post Thanksgiving Google doodle turkey pardons itself & takes leave from any dinner traditions appeared first on Search Engine Land. Please visit Search Engine Land for the full article.
  • SearchCap: Google printed materials, SEO migrations & development servers
    Below is what happened in search today, as reported on Search Engine Land and from other places across the web. The post SearchCap: Google printed materials, SEO migrations & development servers appeared first on Search Engine Land. Please visit Search Engine Land for the full article.

RSS Local Business Locator Blog

  • Did Fresno Police Chief Jerry Dyer Murder His Lieutenant?
      Did Fresno Police Chief Jerry Dyer Murder His Police Lieutenant – Jose Moralez?     Updated: November 2, 2017 after receiving new information. Official documents and evidence soon to be published on this site. More evidence and testimony set aside and reserved; NOT published herein.   Why do people believe that FRESNO POLICE CHIEF […]
  • CHAM (“Baby Cham”) in Association with Sevilla Local Media – “Money Wine” Release
        Sevilla Local Media, LLC (951) 289-1710 sevillalocalmedia@gmail.com www.sevillalocalmedia.com   For Immediate Release: Sevilla Local Media, a Riverside, California, based Digital Marketing & SEO Company that also manages and promotes a select stable of recording artists, announces an official association with CHAM (Damian Beckett), more famously known as BABY CHAM, specific to marketing, promotion […]
  • Richard Martinez of RISE PROGRAMS: True Love
      RISE PROGRAMS: www.riseprograms.com Featuring Richard Martinez LOVE SUFFERS LONG I have search and read many definitions of LOVE but the Bible to me has the best description of what love looks like. 1 Corinthians 13:4-8 “Love never gives up. Love cares more for others than for self. Love doesn’t want what it doesn’t have. […]
  • SEO Services – NO CONTRACT
    www.sevillalocalmedia.comMonthly SEO Services – NO CONTRACT – Affordable and Guaranteed ResultsSevilla Local Media Fact SheetA few facts about us:We operate on the following business philosophies: a. CUSTOMERS FOR LIFE (our client retention rate is above 95%) – we currently have SEO clients that have been with us since 2009 (Lu Granite + Roley’s Tree Care) […]
  • Help Support This Team – Donations Needed: Norte Vista High School Girls Golf Team
    GREAT CIGAR EVENTS Supports the Norte Vista High School Girls Golf Team!    The Norte Vista (“Novi”) Girls Golf Team is in their 2nd year of existence and self-supportive. They must pay for their gear, practices, league matches and all that is necessary to compete! Help take the burden off of these outstanding female student-athletes […]

RSS LBL Blogspot Feed

RSS Music Connection

  • Ringo Starr at Prudential Hall in Newark, NJ November 24, 2017
    Ringo Starr and his All-Starr band played the final show of their month-long tour at Prudential Hall (Newark, NJ) on Nov 16. This has been Starr’s longest running band which first toured in 2012. The band is selected and there is no audition process. The only requirement is to have had at least 3 hit […]
  • Lori Bell & Ron Satterfield - blue(s) (8/10) November 23, 2017
    Celebrating a 25-year partnership that has run parallel to their multi-faceted solo careers, veteran SoCal jazz greats Lori Bell (flute) and Ron Satterfield (guitar, vocals) apply their virtuosity to an intimate and soulful, rhythmically diverse and improvisation-rich landscape grounded in the blues. Satterfield’s acoustic lines and Al Jarreau-like voicings provide perfect harmony and counterpoint to Bell’s often graceful, always dynamic and joyfully […]
  • Signing Story: Sara Serena November 23, 2017
    Nineteen-year-old Spaniard Sara Serena began her sojourn to stardom two years ago when she auditioned online for Aim2Fame, a web-based singing competition. The show was not unlike a combination of American Idol meets Big Brother. When Serena’s audition video made the top sixteen, a spark was ignited. But when she went on to win, that […]
  • Peter Manning Robinson at the Vortex Dome in Los Angeles, CA November 22, 2017
    Avant-garde pianist/composer, Emmy award-winning composer, and instrument inventor Peter Manning Robinson played the Vortex Dome in Downtown L.A. on Nov. 11.  The award Winning set and project designer, and UCLA alum Hana Kim collaborated with Robinson on the visuals. Photos and Text by Alex Kluft The post Peter Manning Robinson at the Vortex Dome in Los […]
  • IAMA Finalist Jeff Gutt becomes new lead singer of Stone Temple Pilots November 22, 2017
    Jeff Gutt, a finalist at the 9th Annual IAMA and runner-up on X-Factor USA, has just been confirmed as the new lead singer for Stone Temple Pilots. The group, which scaled the heights of stardom in the 1990s, has seen its fair share of internal strife -- particularly the firing of frontman Scott Weiland in […]

RSS Political News

  • Woman Sits Down for Tea, Looks Out Window, Sees Freak Invasion of Own Town November 24, 2017
    A 61-year-old grandmother was enjoying her Sunday morning with a cup of tea when she looked out the window and saw that dozens of cows had completely taken over her town. According to U.K.’s Metro, Janis Wilson said she saw 30 to 40 of the bovine beasts roaming around the streets in her town of Bollington,… […]
  • Former Jihadist Scorches Islamists With 1 Suggestion for Their Everyday Lives November 24, 2017
    This is a message from a former jihadist that terrorists around the world should have been listening to. According to Fox News Insider, former radical jihadist Mubin Shaikh appeared on Fox and Friends in August 2017 after the 2017 terror attack in Barcelona, Spain, that killed 13 innocent people and injured more than 100 others. When… […]
  • Woman Who Attacked Bus Driver With Disgusting Bodily Fluid Just Got Bad News November 24, 2017
    A woman who threw a cup of her own urine on a Washington, D.C., bus driver now faces jail time. According to The Washington Post, Opal Brown pleaded guilty in early November to misdemeanor assault and was sentenced to 120 days in jail along with three years probation. This all stems from an incident that took… […]
  • Trump Thanks God, the One Word Obama Refused to Say November 24, 2017
    For many years, Thanksgiving Day has seen the sitting president of the United States issue a “National Day of Thanksgiving Proclamation” marking the holiday. This year was no exception. President Donald Trump issued his Thanksgiving proclamation, but there was a big difference between his and President Barack Obama’s 2016 proclamation, Myra Adams wrote for BizPac… […]
  • Marine Helicopter Touches Down in Soccer Field After Phone Turns Up Missing November 24, 2017
    The Marines made an epic retrieval after one of them left his phone at a Bar Harbor, Maine, restaurant on Saturday. As the tale goes, according to the Mount Desert Islander, six Marines ate lunch at the Thirsty Whale that afternoon. Later on in the day, server Jess Witherell says she got a call with the ID… […]
Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.
%d bloggers like this: