The Consumer Financial Protection Bureau and New York Department of Financial Services have brought suit against two pension loan companies for misrepresenting the interest rates on lump-sum pension loans.
Pension Funding and Pension Income, both based in Huntington Beach, California, were run by the same management teams.
The suit alleges that each firm misled retirees by advertising their product as a lump-sum purchase, and not a loan, between 2011 and 2014.
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