Update on Action Taken Against Pension Funding, LLC and Pension Income, LLC
Receiver appointed in Bureau lawsuit against Pension Funding and Pension Income
In August of 2015, the New York Department of Financial Services (DFS) and the Consumer Financial Protection Bureau (CFPB) jointly sued two pension advance companies, Pension Funding, LLC and Pension Income, LLC. The suit alleges that those two companies deceived consumers into borrowing against their pensions, hid high interest loan rates and fees, and deceived consumers about other terms of the deal.
To assist consumers who may have been affected by the two companies, DFS and the CFPB requested that the court appoint an independent person – a receiver – to take custody of the companies’ assets so that they are preserved for any relief the court may ultimately order. The receiver, Krista Freitag, of E3 Advisors, has now been appointed and can now be reached for assistance.
Consumers who have entered into a contract with either of these companies should have received a letter from the court-appointed receiver. If you entered into a contract with either company and have not been contacted by the receiver, or need further information, you may contact the receiver at: