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Each month, we host a 30-minute webinar outlining the month s key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month s article, we share some of our top bites covered during the May 26 webinar.
So what happened at the CFPB in the past month?
Bite #10 - The CFPB and NY AG moved to seize personal assets from the owner of a debt collection operation.
The CFPB and New York Attorney General sued the owner of a debt collection company previously involved in a regulatory action, in an effort to seize a $1.6 million home, that the owner allegedly transferred fraudulently. In 2019, the CFPB and the NY AG settled with that debt collection operation and its owners over allegations that the involved companies harassed, threatened, and deceived millions of consumers across the nation into paying inflated debts or amounts they did not owe.
Consumer Law Hinsights is a monthly compilation of nationwide consumer protection cases of interest to financial services and accounts receivable management companies. .
Eleventh Circuit Decision in Hunstein Places Debt Collection Business Models at Risk mortgageorb.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mortgageorb.com Daily Mail and Mail on Sunday newspapers.
In Hunstein v. Preferred Collection and Management Services, Inc., 994 F.3d 1341 (11th. Cir. 2021), the Eleventh Circuit held that a debt collector's communication of a consumer's personal.
The ruling by the Eleventh Circuit Court of Appeals in Richard Hunstein v. Preferred Collection and Management Services, Inc. raises significant concerns for debt collectors who use.