On May 17, the Consumer Financial Protection Bureau (CFPB) announced a
settlement with DMB Financial LLC, a Massachusetts-based debt-settlement company.
In its complaint, the CFPB alleged that DMB Financial violated the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act of 2010 (CFPA) by charging illegal fees and misleading consumers about its business practices. Specifically, the CFPB alleged that DMB Financial:
Violated the TSR by requesting and receiving fees before it performed its promised debt-relief services and before consumers made any debt-settlement payments; by charging fees based on the increased debt amounts after enrollment rather than based on the amount of each debt at the time of enrollment; and by failing to properly disclose when, and under what conditions, it would make a bona fide settlement offer to each creditor or debt collector;
CFPB orders DMB Financial to pay $5 4M in restitution to consumers americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
Professional Biography:
Sean Paisan is Of Counsel in the Orange County, California, office of Jackson Lewis P.C. His practice focuses on workplace safety and health (OSHA), data privacy, and traditional employment matters, including litigation and counseling.
Sean’s first exposure to OSHA regulations occurred during his undergraduate studies while working for a construction company that helped build Disney’s California Adventure. After attending law school and working for the Los Angeles County District Attorney’s Office and the United States Attorney’s Office, Sean moved into private practice, where he focused on general liability matters, including serious injuries and fatalities. Through this experience, Sean became very knowledgeable on the myriad of Cal/OSHA regulations imposed on businesses, especially in the construction, manufacturing, and healthcare industries, and the consequences for violations of those regulations. From there, Sean became OSHA 30 certified
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In a unanimous ruling late last week, the U.S. Supreme Court slashed the Federal Trade Commission’s favored route to impose monetary penalties in consumer protection cases. Our Consumer Protection/FTC Team examines the decision, its immediate impact on enforcement actions, and Congress’s ability to step in to increase the FTC’s authority through legislation.
The Section 13(b) “shortcut” to remedy consumer harm is blocked
How will this affect the FTC’s enforcement program?
Will Congress step in to offer a fix?
Late last week, the Supreme Court issued a unanimous decision in
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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