The company must also pay $410,000 in consumer refunds.
The rules released Thursday aim to crack down on predatory lending practices.
Lenders say report shows no need for industry regulations.
Consumers in states that prohibit payday lending had no obligation to repay loans.
The Consumer Financial Protection Bureau is weighing alternate sets of regulations.
The regulations target payday loan providers.
Consumer groups argue high default rates prove payday loans are dangerous.
CFPB is expected to unveil the new regulations as soon as this month.
“The good news doesn’t get reported as rapidly as the relatively few failures,” Moniz said.
Financial institutions are pressing Congress and regulators to scale back sweeping new rules.
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The Education Department announced a series of new policies.
Some will go into an escrow fund administered by 49 states.
The businesses said they had difficulty engaging constructively with the agency.
National People's Action has launched a petition asking CFPB to crack down on payday lenders.
CFPB released a framework in March for rules its considering proposing.
The agency is considering how best to protect consumers from predatory lenders.
The new rules would force lenders to ensure a borrower’s ability to repay a loan.
Nearly 200 interest groups on Monday backed a Defense Department plan to crack down on abusive...
The Consumer Financial Protection Bureau is considering new regulations for payday lenders.
The payday loan industry has been steadily increasing its lobbying efforts in Congress, a new...
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