On August 5, the FTC announced proposed court orders that would require a defendant credit repair operation, its owners and associated companies (collectively, defendants) to pay more than $12 million to resolve allegations...more
The Federal Trade Commission (FTC) recently announced that it has filed proposed orders against the owners and operators of Financial Education Services (FES), a credit repair operation accused of running a pyramid scheme and...more
The FTC has shut down Michigan-based Financial Education Services, a credit repair company that the agency says actually was a large pyramid scheme...more
Welcome to the Debt Collection and Debt Settlement chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - Enforcement actions related to debt collection and debt...more
Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more
On August 28, the CFPB announced a proposed settlement with Utah-based credit repair telemarketing company and its affiliates for allegedly committing deceptive acts and practices in violation of the Telemarketing Sales Rule...more
The CFPB announced this week that it has entered into a proposed settlement of a lawsuit it filed in 2019 in Utah federal district court against a group of defendants who constitute the largest credit repair organizations in...more
On April 20, Washington Governor, Jay Inslee, signed into law HB 1311 creating new regulations for credit repair organizations (CROs) in the state. Among other things, the new law outlines requirements for CROs, which include...more
The FTC has obtained a temporary restraining order (TRO) against Financial Education Services, Inc., its owners, and five other affiliated entities (collectively the “Credit Repair Parties” or “CRPs”) for allegedly operating...more
On March 18, the U.S. District Court for the Southern District of Texas issued an injunction against a Texas-based credit repair company that allegedly made false promises to remove negative information from credit reports...more
On January 29, 2021, the FTC announced that it filed a proposed settlement in the District of Nevada with two Nevada-based consulting companies, resolving claims that the companies violated the FTC Act, Telemarketing and...more
Regulators are keeping a close eye on credit repair companies as evidenced by a pair of new lawsuits filed by the Illinois attorney general and a separate action brought by the Federal Trade Commission (FTC)....more