The CFPB and the State of Virginia sued Woodbridge Gold and Pawn for advertising pawn loans with deceptive interest rates. Under the proposed consent decree, Woodbridge would be required to pay $79,000 in “consumer relief” including “$56,000 in restitution to approximately 1,000 consumers.”

• In February 2017, the Attorney General of Virginia and the CFPB filed a lawsuit against Woodbridge Gold and Pawn in the US District Court for the Eastern District of Virginia. [CFPB and Commonwealth of Virginia v. Woodbridge Gold and Pawn, case no. 1:17-cv-00141-JCC-TCB, filed 02/02/17]

• The CFPB alleged that “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.” The proposed consent order would require Woodbridge to pay $79,000 in “consumer relief.” “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.” [“CFPB and State of Virginia Take Action Against Woodbridge Gold & Pawn for Deceiving Consumers About Loan Costs,” ENP Newswire, 02/03/17]