Collection Agency Reaches $600K Settlement Over TCPA Claims

M3 Financial Services, a collection agency that specializes in healthcare debts, has reached a tentative settlement in a class-action lawsuit alleging violations of the Telephone Consumer Protection Act. M3 will pay $600,000 to settle claims that it allegedly made more than 1 million calls using an autodialer without obtaining the …

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Debt Collection Scammer Faces 20 Years in Prison

A Buffalo-area man who scammed at least eight individuals out of more than $340,000 has pleaded guilty in federal court to charges of conspiracy to commit wire fraud. Shawn Sylvia, 35, faces a penalty of up to 20 years in prison when he is sentenced on April 3. Sylvia and …

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Cordray Resignation Plunges CFPB Into Leadership Chaos

Richard Cordray officially resigned as director of the Consumer Financial Protection Bureau yesterday, but in doing so pushed the agency into chaos over who will be the agency’s next leader. Rather than waiting until the end of the month as he originally indicated, Cordray’s resignation became effective at midnight Saturday …

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The Cost of Financial Regulation

The person in charge of the supervision department of the Federal Reserve Bank of St. Louis has written an article detailing how much it costs financial institutions to be compliant. In reaching her conclusion, the author looks at how financial institutions break out compliance expenses, and then compares that to …

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