Snap Finance Moves to Dismiss Complaint Filed by CFPB
Snap Finance Moves to Dismiss Complaint Filed by CFPB
Salt Lake City, Utah – September 19, 2023 – Snap Finance LLC (Snap), provider of fast, flexible pay-over-time consumer financing solutions, has issued the following response to a complaint filed by the Consumer Financial Protection Bureau (CFPB).
Snap has filed a motion to dismiss all claims in the CFPB’s complaint. Snap disagrees with the CFPB’s factual allegations, and we are eager for the opportunity to disprove them. While we share the CFPB’s concerns for transparency and fairness, we believe the lawsuit misrepresents Snap’s practices and is a serious overreach against the lease-to-own industry. This is especially true considering the statutes in question apply exclusively to credit products, not lease-to-own financing.
Since our launch in 2012, Snap has diligently followed regulatory norms and industry best practices to provide consumers with a clear understanding of how our financial products work. We have been at the forefront of point-of-sale financing companies in shifting regulatory disclosures, summaries of product and financial terms, and digital signatures to our customers’ devices. We honor our customers’ rights and pride ourselves on being an industry leader in transparency, ease, and fairness. While we are fighting the CFPB’s allegations, we will not be deterred from providing the best-in-class support we are known for as we serve our customers and partners.
About Snap Finance
Snap Finance harnesses the power of data to empower consumers of all credit types to get what they need. Launched in 2012, Snap’s technology brings together more than a decade of data, machine learning, and non-traditional risk variables to create a proprietary decisioning platform that looks at each customer through a more holistic, human lens. Snap’s flexible, lease-to-own and loan solutions are changing the face and pace of consumer retail finance. For more information, visit snapfinance.com.