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Lender to pay $730K for alleged violations of Fed’s LO Comp rule
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Consumer Protection
Friday, November 14, 2014
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California-based Franklin Loan Corp. will pay $730,000 to settle Consumer Financial Protection Bureau claims that the company violated Federal Reserve loan originator compensation rules that went into effect in April 2011. The bureau said Franklin gave its employees illegal bonuses for steering consumers into loans with higher interest rates. Read on to learn about the issues the bureau had with Franklin’s compensation system.
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