The CFPB brought an administrative action earlier this month against a now-defunct online lender, Integrity Advance, and its CEO, James Carnes, for allegedly deceiving consumers about the cost of short-term loans – particularly the costs consumers would pay under the default terms of the contracts.The unlawful practices alleged by the CFPB include hiding the total cost of loans. According to the bureau, the lender gave consumers contracts with disclosures based on repaying the loan in a single payment, even though the default terms of the contract called for multiple rollovers and additional finance charges. “For example, under Integrity Advance’s default payment schedule, a consumer borrowing $300 would ultimately pay $765 in finance charges – $675 more than the $90 finance charge ...