Detention Bond Firm Trapped Immigrants in Huge Debts, CFPB Says (1)

Feb. 22, 2021, 4:25 PM; Updated: Feb. 22, 2021, 7:07 PM

The Consumer Financial Protection Bureau and three states sued to stop a company that they say overcharged immigrant families seeking to spring family members from detention and engaged in illegal debt collection practices.

Libre by Nexus Services Inc. allegedly tricked consumers into thinking they were taking out loans to pay bonds that would release immigrants detained by U.S. Immigration and Customs Enforcement, according to a complaint filed Monday by the CFPB and the attorneys general of Massachusetts, New York, and Virginia.

In reality, Verona, Va.-based Libre was simply processing payments and charging hefty upfront fees of up to 30 percent...

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