In another example of joint agency enforcement and jurisdictional cooperation, the CFPB and the New York Department of Financial Services filed a lawsuit in federal court last week against Pension Funding LLC and Pension Income LLC, and three of the companies’ managers over allegations they deceived consumers about the costs and risks of their pension advance loans. From 2011 until about December 2014, Pension Funding and Pension Income, two California-based companies, offered consumers lump-sum cash advances for agreeing to redirect all or part of their pension payments over a period of eight years, according to CFPB and the NYDFS. More specifically, the joint complaint alleges that the companies and individual defendants Steven Covey, Edwin Lichtig and Rex Hofelter represented to ...