Tag Archives: Enforcement Action

CFPB Issues First Enforcement Action Under Chopra

Less than a week after having a new Director sworn in, the Consumer Financial Protection Bureau announced its first enforcement action of the Rohit Chopra era, assessing $6 million in fines and penalties against a company that offers financial services products to individuals incarcerated and recently released from prisons and …

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California DFPI Fines Collector, Debt Buyer $375k

The California Department of Financial Protection and Innovation has issued its first enforcement action against a debt buyer and debt collector, fining a firm $375,000 for allegedly breaking state and federal law by unlawfully threatening to sue consumers and submitting negative information to credit bureaus without notifying consumers. A copy …

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Washington AG Reaches $1.6M Settlement With Convergent

The Attorney General of Washington has reached a settlement with a collector that it sued last year, which will see the collector pay $1.6 million in fines and restitution to consumers for allegedly deceiving them by making settlement offers in collection letters even though the collector could not enforce the …

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CFPB Takes Enforcement Action Against ISA Provider

The Consumer Financial Protection Bureau yesterday announced an enforcement action against an income share agreement provider that was accused of misrepresenting its product and failing to comply with federal law governing private student loans. The consent order, against Better Future Forward, requires the company to stop misleading borrowers, eliminate prepayment …

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Collector Settles With Mass. AG, Pays $2.25M Fine

The Attorney General of Massachusetts has reached a settlement with a debt collection that will see the collector pay $2.25 million and agree to change its business practices after it was accused of violating the state’s law on call frequency, collecting on time-barred debts without disclosing that the debts were …

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Mass. AG Levies $1M Fine Against Debt Settlement Company

The Attorney General of Massachusetts has announced a consent order with a debt settlement company that will pay $1 million to settle claims it took advantage of consumers by charging them “significant” fees for negotiating settlements with creditors and enrolling consumers in “unaffordable” programs that left consumers “in worse financial …

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