Compliance

CFPB Wins $172 Million Judgment Against Debt Relief Company

The Consumer Financial Protection Bureau has obtained a $172 million judgment against Morgan Drexen, a debt relief company. The company was accused of charging upfront fees to consumers and misrepresenting services it provided. The order also included Walter Ledda, the founder and CEO of Morgan Drexen. “The CFPB’s victory sends …

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House Chairman Vows Overhaul of Dodd-Frank Consumer Protection Law

Rep. Jeb Hensarling [R-Texas], the chairman of the House Financial Services Committee vowed today to introduce legislation that would overhaul the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, among other things, created the Consumer Financial Protection Bureau. Hensarling made his remarks at an American Bankers Association event in …

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Justice Department Warns Courts Of Unlawful Fines

The Justice Department is sending a letter to chief judges and court administrators in all 50 states, warning them that the practice of assessing fines and fees to “fill their jurisdictions’ coffers” may be unconstitutional. The department has a “strong interest” in making sure the rights of citizens are protected, according …

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