On May 17, 2021, the Federal Trade Commission (FTC) announced a settlement with several student loan debt relief companies and their respective owners. The settlement stems from.
CFPB and FTC Each Issue Fines/Penalties Against Debt Settlement Companies insidearm.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insidearm.com Daily Mail and Mail on Sunday newspapers.
[author: Samantha Becci]
On May 17, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it has entered into a stipulated judgment and order to resolve a civil action that it previously filed against a debt settlement company in the U.S. District Court for the District of Massachusetts on December 1, 2020, as previously reported here.
The CFPB initially filed suit against the debt settlement company alleging violations of the Telemarketing Sales Rule (TSR), 16 C.F.R. pt. 310, and the Consumer Financial Protection Act of 2010 (CFPA), 12 U.S.C. §§ 5531, 5536(a). The stipulated order would enjoin the company from requesting certain advance fees in violation of the TSR, from using or obtaining credit reports except as provided for by the Fair Credit Reporting Act (FCRA), and from misrepresenting its company or the circumstances under which the company may request fees.
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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 announcements, recap key enforcement actions, and preview upcoming deadlines and events. We also include links to our articles, blogs, and webinars with more analysis in these areas. We understand that keeping on top of the rapidly evolving regulatory landscape is more important than ever for businesses seeking to offer new and ground-breaking technologies.
Regulatory Announcements
On May 17, 2021, the Consumer Financial Protection Bureau (“CFPB”) announced that it entered into a proposed settlement of its lawsuit filed in a Massachusetts federal district court.