News & Analysis as of

Debt Settlement Services Enforcement Actions Consumer Financial Protection Bureau (CFPB)

Morrison & Foerster LLP

CFPB Signals Continued Involvement in Litigation with State Attorneys General

While the Consumer Financial Protection Bureau (“CFPB”) may have halted certain operations, it is remaining active in certain litigation, including cases brought by multistate attorneys general. Recently, the CFPB signaled...more

Clark Hill PLC

What Debt Settlement Companies Need to Know When Working With Third Party Payment Processors (Whitepaper)

Clark Hill PLC on

Clark Hill’s Financial Services and Regulatory Compliance Group has authored a whitepaper for debt settlement companies considering engaging a third-party payment processor for managing accounts and handling financial...more

Sheppard Mullin Richter & Hampton LLP

CFPB’s Settlement Imposes Permanent Ban on Defunct Student Loan Relief Company and Its Owner

On December 3, the CFPB filed a proposed settlement to resolve a long running lawsuit against a student loan relief company and its owner (collectively, the “Defendants”). The settlement bars the company from offering or...more

Shipkevich PLLC

[Webinar] Post-Election Analysis and Impact on the Debt Settlement Industry - December 10th, 1:00 pm EST

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Felix Shipkevich and Yvonne Bowser-Caballero of Shipkevich PLLC, with special guest Nicholas Kosmas, Chief Legal Officer of ClearOne Advantage LLC, will host a webinar to discuss a post-election overview of the regulatory...more

Sheppard Mullin Richter & Hampton LLP

No Relief in Sight: CFPB and FTC Continue to Take Action Against Debt Settlement Companies

On April 29, the CFPB filed a proposed order in federal court seeking final judgment against three California-based defendants for engaging in unlawful fee-charging practices and deceptive telemarketing. According to the...more

Goodwin

CFPB and Debt Settlement Company Agree to Stipulated Final Judgment and Order

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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...more

Goodwin

CFPB Files Suit Against Debt Relief Company

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On December 1, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against a Massachusetts debt settlement and relief company over alleged violations of the Telemarketing Sales Rule (TSR) and...more

Goodwin

CFPB Grants No-Action Letter for Proposed Small-Dollar Credit Product

Goodwin on

In the News. The Consumer Financial Protection Bureau (CFPB) granted a no-action letter (NAL) regarding a proposed small-dollar credit product and sought comment on the CFPB’s plan to study how consumers locate, comprehend...more

Goodwin

CFPB Files Complaint Against Student Loan Debt Settlement Company

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On November 5, 2020, the Consumer Protection Financial Bureau (CFPB) announced that it had filed a complaint against a California student loan debt settlement company and the company’s CEO in the U.S. District Court for the...more

Bradley Arant Boult Cummings LLP

CFPB Settles with Freedom Debt Relief

On July 9, 2019, the United States District Court for the Northern District of California entered a stipulated final judgment and order in case number 17-cv-06484, Consumer Financial Protection Bureau v. Freedom Debt Relief,...more

Hudson Cook, LLP

"Clearly and Prominently:" Consumer Debt Settlement Disclosures in Wake of CFPB v. Freedom Debt Relief

Hudson Cook, LLP on

The debt settlement industry received some "regulation by enforcement" in the wake of a settlement of the lawsuit filed by the Consumer Financial Protection Bureau ("CFPB") against Freedom Debt Relief, LLC ("FDR"). The...more

Ballard Spahr LLP

CFPB settles lawsuit with nation’s largest debt-settlement services provider

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The CFPB announced that it has settled the lawsuit it filed in a California federal district court against Freedom Debt Relief (FDR) and its CEO for alleged violations of the Consumer Financial Protection Act (CFPA) and the...more

Goodwin

CFPB Files Suit Against National Debt-Settlement Services Provider For Allegedly Misleading Consumers

Goodwin on

On November 8, 2017, the Consumer Financial Protection Bureau (“CFPB”) announced it filed suit in federal court in California against a national debt-settlement services provider and its CEO based on alleged violations of the...more

Ballard Spahr LLP

CFPB files proposed stipulated final judgments in actions against credit repair companies and individuals

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The CFPB announced that it had simultaneously filed two complaints and corresponding proposed stipulated final judgments in a California federal district court in actions against four credit repair companies and three...more

Ballard Spahr LLP

CFPB files complaint alleging defendants ran unlawful debt relief operation

Ballard Spahr LLP on

The CFPB has filed a complaint in a California federal district court against three law firms and two individual attorneys alleging that they offered debt relief services to consumers in violation of the Telemarketing Sales...more

Ballard Spahr LLP

CFPB sues credit repair company

Ballard Spahr LLP on

The CFPB announced that it has filed a lawsuit in a California federal district court against a credit repair company for alleged violations of the Consumer Financial Protection Act (CFPA) and Telemarketing Sales Rule (TSR)....more

Ballard Spahr LLP

CFPB announces consent order relating to alleged debt relief scam

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The CFPB has announced that it has entered into a proposed consent order with Premier Consulting Group LLC and a related law firm to settle claims that the defendants charged consumers upfront fees in violation of the...more

Ballard Spahr LLP

CFPB settles enforcement action against another debt settlement payment processor

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The latest chapter in the CFPB’s “comprehensive effort to address consumer harm and to root out unlawful practices across the debt settlement industry” is a settlement announced yesterday with Global Client Solutions, “a...more

Stinson - Corporate & Securities Law Blog

CFPB Brings Action For Processing Illegal Debt-Settlement Fees

The Consumer Financial Protection Bureau, or CFPB, announced an enforcement action against Meracord LLC, a leading debt-settlement payment processor, for allegedly helping others to collect millions of dollars in illegal...more

Ballard Spahr LLP

CFPB brings enforcement action against debt settlement payment processor

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In the latest chapter of its “comprehensive effort to prevent consumer harm in the debt-settlement industry,” the CFPB has announced the settlement of an enforcement action brought against “a leading debt-settlement payment...more

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