CFPB fines four California credit repair companies for misleading consumers

Today, the CFPB issued a press release announcing that it filed two complaints and a proposed final judgment in federal court against Prime Credit, LLC, IMC Capital, LLC, Commercial Credit Consultants, and Park View Law. According to the Bureau, the four California-based credit-repair companies misled consumers and charged illegal upfront fees for so-called credit [...]

By | 2017-06-27T21:54:41+00:00 June 27th, 2017|0 Comments

FTC takes action against robocall scam that pitched worthless credit card rate reduction programs

On June 5, 2017, the FTC issued a press release announcing that, in a case filed by the agency and the Florida Attorney General (AG), a Florida federal district court judge has entered eight orders against a collection of Orlando-based individuals and companies that harassed consumers with unlawful robocalls from “Card Member Services,” to [...]

By | 2017-06-06T19:18:26+00:00 June 5th, 2017|0 Comments

Massachusetts judge voids hundreds of illegal online auto title loans

On May 25, 2017, the Massachusetts Attorney General issued a press release announcing that it had obtained a judgment in Superior Court against Liquidation LLC, an unlicensed auto little lender that made hundreds of illegal loans to Massachusetts consumers. According to the press release, the court declared the loans void, dissolved the liens that [...]

By | 2017-06-09T22:36:57+00:00 June 1st, 2017|0 Comments

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 [...]

By | 2017-05-22T07:54:21+00:00 May 22nd, 2017|0 Comments

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 [...]

By | 2017-05-16T11:29:28+00:00 May 16th, 2017|0 Comments

FTC fines debt collector $2 million for FDCPA violations

On April 24, 2017, the FTC issued a press release announcing that a federal court had ordered the president of Commercial Recovery System, Inc. (CRS) to pay a $2 million civil money penalty for violating the Fair Debt Collection Practices Act (FDCPA) by falsely threatening debtors. In January 2015, the Department of Justice filed a [...]

By | 2017-05-01T07:42:48+00:00 May 1st, 2017|0 Comments

CFPB sues four online payday lenders for collecting debts not legally owed

Today, the CFPB announced that it filed a lawsuit against four online payday lenders for allegedly collecting on debts that were not legally owed. According to the CFPB’s complaint, the lenders could not legally collect on the debts because the loans were void under state laws governing interest rate caps or the licensing of lenders. [...]

By | 2017-04-27T08:38:01+00:00 April 27th, 2017|0 Comments

20 states, CFPB take action against Ocwen for mortgage servicing violations

Last week, over 20 state mortgage regulators issued joint cease-and-desist orders to Ocwen Financial and Ocwen Loan Servicing for alleged widespread issues with consumer escrow accounts and allegations that Ocwen and its subsidiaries were conducting “willful and ongoing unlicensed activity” in certain states. A committee of state mortgage regulators, called the Multi-State Mortgage Committee, agreed to [...]

By | 2017-04-24T06:42:29+00:00 April 24th, 2017|0 Comments