The CFPB Curtails the Activities of an Unlicensed Debt Collector: Striking a Chord Between State Licensing Compliance and the FDCPA Published on: 10 December 2020 at 12:00 p.m. ET Dec. 10, 2020, noon Dec. 10, 2020, 10:18 a.m. insideARM.com The iA Institute
http://www.insidearm.com/news/00046913-cfpb-curtails-activities-unlicensed-debt-/
On December 8, 2020, the Consumer Financial Protection Bureau (CFPB) entered into a Consent Order with RAB Performance Recoveries, LLC (RAB) for engaging in debt collection activity without a license in the states of Rhode Island, Connecticut and New Jersey. RAB’s failure to obtain any proper state licensing in those specific states led the CFPB to issue a fine of over $200,000 as well as a permanent order restraining RAB and its principals from
[author: Susan Nikdel]
On November 20, 2020, the CFPB filed a lawsuit against a student-loan debt-relief company, FDATR, Inc., and its owners, Dean Tucci and Kenneth Wayne Halverson. FDATR was an Illinois company that involuntarily dissolved in September 2020. Through telemarketing and telephone sales, FDATR promised to provide student-loan debt-relief and credit-repair services to consumers.
The
complaint, filed in an Illinois federal district court, alleges that FDATR and its owners violated the Telemarketing Sales Rule (TSR) by engaging in deceptive and abusive telemarketing acts or practices and violated the Consumer Financial Protection Act of 2010 (CFPA) by engaging in deceptive acts or practices. According to the complaint, defendants requested and received payments from consumers for debt-relief and credit-repair services before achieving the results the company promised and before it was legally allowed to do so under the TSR and falsely represented in violation of the T
On December 7, 2020, the Consumer Financial Protection Bureau (CFPB) along with attorneys general from all 50 states and the District of Columbia and bank regulators from 53.
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The CFPB (Bureau) and the South Carolina Department of Consumer Affairs recently settled a case with two companies (and their owner) which brokered high-interest credit to veterans (as well as other consumers), which were based on the lender’s right to receive veterans’ pensions. The program was alleged to provide consumers with a lump-sum payment that would be repaid with high interest amounts and by assigning portions of their disability or pension payments. The case was originally filed in October 2019 and alleged that the individual and companies violated the Consumer Financial Protection Act and that they engaged in deceptive acts and practices.