Debt Settlement Services

News & Analysis as of

CFPB Expands Complaint Collection To Include Prepaid Cards, Additional Nonbank Products And Services

On July 21, the CFPB announced that it is now accepting consumer complaints regarding (i) prepaid products, including gift cards, benefit cards, and general purpose reloadable cards; (ii) credit repair services and debt...more

CFPB to Scrutinize Nonbank Products: Prepaid Cards, Debt Settlement, Credit Repair, and Pawn and Title Loans

Three years after it opened for business, on July 21, 2014, the Consumer Financial Protection Bureau (CFPB) announced it was accepting complaints from consumers with problems with (1) prepaid cards; (2) debt settlement...more

CFPB Complaints Database Expands to Include Prepaid Cards and Nonbank Products

On July 21, 2014, the Consumer Financial Protection Bureau (“CFPB”) announced that it has further expanded its Consumer Complaint Database (“Database”) to include additional types of financial products. Specifically, the CFPB...more

Pennsylvania Provides For Licensing, Regulation Of Debt Settlement Providers

On July 9, Pennsylvania Governor Tom Corbett signed SB 622, which directs the Department of Banking and Securities to establish licensing requirements, including fees, for providers of debt settlement services. Such a license...more

CFPB now taking complaints on prepaid cards, debt settlement services and more

Although we thought an announcement that the CFPB had begun taking complaints about new products would be made at its field hearing on consumer complaints last week, that announcement was made today. The CFPB announced that...more

Debt Settlement Firm Pleads Guilty In CFPB’s First Criminal Referral

On April 8 the U.S. Attorney for the Southern District of New York announced that a debt settlement company and its owner pled guilty to fraud charges, resolving the first criminal case referred to the DOJ by the CFPB. The...more

CFPB Suit Against Debt Settlement Firm Will Proceed

On January 10, a federal judge denied a debt settlement company’s motion to dismiss a CFPB enforcement action pending in the Central District of California, in which the company challenged the constitutionality of the CFPB’s...more

Former Colorado regulator and consumer advocate Laura Udis to join CFPB as manager for payday lending program

We have learned that, starting Monday, Laura Udis will join the CFPB as the Payday and Small Dollar Lending Program Manager in Research, Markets and Regulations. Ms. Udis comes to the CFPB from the Consumer Federation of...more

CFPB Shows It’s a Tough New Cop on the Beat With Case Against Payment Processor

On October 3, 2013, the Consumer Financial Protection Bureau announced it had filed a complaint in federal district court in Washington state against a leading debt-settlement payment processor, Meracord LLC, and its CEO. ...more

CFPB Enforcement Action Targets Debt Settlement Payment Processing

On October 3, the CFPB announced an enforcement action against a leading debt-settlement payment processor and its President/CEO for allegedly assisting clients in the debt-settlement industry charge and collect millions of...more

CFPB Brings Action For Processing Illegal Debt-Settlement Fees

The Consumer Financial Protection Bureau, or CFPB, announced an enforcement action against Meracord LLC, a leading debt-settlement payment processor, for allegedly helping others to collect millions of dollars in illegal...more

Debt Collection Subject to New Regulation Under CFPB

The Consumer Financial Protection Bureau (CFPB) is on a roll targeting debt collectors and your company could be the next target. On October 3rd, the CFPB filed an enforcement action asking for a $1.376 million civil penalty...more

CFPB brings enforcement action against debt settlement payment processor

In the latest chapter of its “comprehensive effort to prevent consumer harm in the debt-settlement industry,” the CFPB has announced the settlement of an enforcement action brought against “a leading debt-settlement payment...more

CFPB Announces Suit Against Debt Settlement Firm

On August 20, the CFPB announced an enforcement action against a debt settlement company for violations of the Telemarketing Sales Rule and the Dodd-Frank Act. The complaint alleges that the company disguised illegal upfront...more

FTC Signals Interest in Enforcement of Deceptive Advertising Laws Against Payment Processors

Ignorance of the law is no excuse; nor is (willful) ignorance of a business partner’s illegal activities. That’s a lesson to be learned from a recent amended complaint filed by the FTC which named a payment processor...more

CFPB Files Enforcement Action Against Debt Services Company

The CFPB recently filed an enforcement complaint and stipulated judgment against a Florida-based debt services company, which represents the first of its kind alleging that the company is liable under Dodd Frank and the...more

DOJ Files First Criminal Action On CFPB Referral, CFPB Files Parallel Civil Suit

On May 7, the U.S. Attorney for the Southern District of New York announced mail and wire fraud charges against a debt settlement firm, its owner, and three of its employees. ...more

CFPB announces criminal referral relating to alleged debt-relief scam

At a press conference yesterday in New York City, Director Cordray announced that the CFPB had made a criminal referral to the United States Attorney for the Southern District of New York arising out of the CFPB’s...more

Decisions, Decisions. Bankruptcy or Debt Settlement?

If you have read my blog at all you have likely read my mantra that “no body wants to file for bankruptcy”. Sometimes it is just flat out necessary. But how do you know if bankruptcy is the right choice?...more

Insights Into The Financial Fraud Enforcement Task Force Priorities For 2013

On March 20, 2013, Michael Bresnick, Executive Director of DOJ’s Financial Fraud Enforcement Task Force gave a speech at the Exchequer Club of Washington, DC highlighting recent accomplishments of the Task Force and outlining...more

Debt settlement for you? Be very afraid.

Are you struggling with debt and considering a "debt settlement" company? In 2011, the New York City Department of Consumer Affairs called debt settlement “the single greatest consumer fraud of the year.” The Better Business...more

Protecting Your Nonprofit Housing Counseling Agency's 501(c)(3) Status

In this presentation: - What the IRS is doing - What agencies can expect - The legal requirements for 501(c)(3) status - Recent IRS treatment of housing counseling agencies - How to prepare...more

FTC Continues To Target Debt Collectors and Debt Relief Companies

The Federal Trade Commission’s continuing focus on the debt collection and debt relief industries was clearly demonstrated by several recently announced lawsuits and settlements....more

CFPB Brings First Joint Enforcement Action With States Against Payday Loan Debt Relief Company

The Consumer Financial Protection Bureau, together with five states, has filed a federal complaint and submitted a proposed stipulated final judgment and order against a Florida company and its president for allegedly...more

Debt Recovery & Collection: USA

Originally published in Lawyer-Monthly.com - Legal Focus, November 2012. Looking further into the issues surrounding debt recovery and collection, Lawyer Monthly turns its attention towards the US and speaks to Laura...more

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