Compliance

CFPB Files Suit Against Payment Processor

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The Consumer Financial Protection Bureau has filed a lawsuit against payment processor Intercept Corp., which is doing business as InterceptEFT, and its two senior executives, Brian Smith and Craig Dresser. The company is alleged to have knowingly enabling unauthorized and illegal withdrawals from customers. Debt collectors are listed as a client category of …

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ACA Whitepaper Lays Out Strong Argument in Favor of TCPA Modernization

The Telephone Consumer Protection Act is “outmoded” and “barely applicable” to today’s consumer, according to a whitepaper released today by ACA International. The whitepaper goes on to conclude that both businesses and consumers would benefit from an “overall modernization” of the law. In fact, the whitepaper indirectly argues, about the …

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Hensarling To Unveil Plans To Replace Dodd-Frank

Rep. Jeb Hensarling [R-Tex.], the chairman of the House Financial Services Committee, has announced that he will unveil plans to “replace the Dodd-Frank Act and promote economic growth” in a speech next week in New York. Hensarling has been one of the most vocal critics of the Consumer Financial Protection …

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New Century Issues Statement Following CFPB Consent Order

In a consent order that was announced on Monday, the Consumer Financial Protection Bureau announced it had levied a $1.5 million fine against New Century Financial Services, a debt buyer based in New Jersey. The CFPB also fined a law firm, Pressler & Pressler, $1 million for “churning out unfair …

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Debt Collection Litigation in the Cross Hairs: CFPB’s Consent Order Against New Jersey Law Firm Creates More Problems Than Solutions

The following article is re-printed with permission from Joann Needleman and Clark Hill.  By Joann Needleman Lightening can strike twice. With the ink barely dry on the Consent Order against the Hanna Law Firm (Hanna) in Georgia, the Consumer Financial Protection Bureau (CFPB or Bureau) yesterday took action against another …

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