Minnesota AG obtains judgment against unlicensed debt collection company
On May 15, 2017, the Minnesota Attorney General’s office issued a press release announcing that it had obtain a judgment against Global Gateway Solutions, Inc. for making unlicensed collection calls attempting to collect fake payday loan debts from consumers. The judgment bars Global Gateway from collecting debt in the state of Minnesota and requires the company to pay a civil money penalty and restitution to Minnesota consumers.
Financial Freedom agrees to $89 million settlement for reverse mortgage violations
The Department of Justice (DOJ) announced Tuesday that Financial Freedom, a reverse mortgage servicer one by OneWest, agreed to an $89 million settlement to resolve allegations that the company violated the False Claims Act and the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA).
FDIC announces settlements with Wisconsin banks for unfair and deceptive practices
On May 11, 2017, the FDIC issued a press release announcing settlements with Bank of Lake Mills, Lake Mills, Wisconsin, and two of its institution-affiliated parties, Freedom Stores, Inc. and Military Credit Services, LLC (MCS), resolving allegations that the lenders violated Section 5 of the Federal Trade Commission (FTC) Act, which prohibits unfair and deceptive practices.
Virginia AG reaches settlement with pawnbroker
On May 9, 2017, Virginia’s Attorney General reached a settlement with Spotsylvania Gold & Pawn, Inc. to provide approximately $37,000 in refunds to over 1,400 consumers to resolve allegations that the Virginia-based pawnbroker charged illegal interest and fees.
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