Welcome to the Debt Collection and Debt Settlement chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
Enforcement actions related to debt collection and debt...more
2/16/2024
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Repair Services ,
Debt Collection ,
Debt Collectors ,
Debt-Relief Industry ,
Enforcement Actions ,
FDCPA ,
FTC Act ,
Gramm-Leach-Blilely Act ,
Student Loans ,
Telemarketing Sales Rule
Welcome to the Student Lending chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
The CFPB will likely continue to focus on junk fees, nontransparent and other...more
2022 saw a flurry of regulatory activity by federal enforcement agencies — most notably, the Consumer Financial Protection Bureau (CFPB, or Bureau) — as the industry began to experience the full effects of the change in...more
2/22/2023
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Credit Reports ,
Debt Collection ,
Financial Services Industry ,
FinTech ,
Mortgages ,
Payday Loans ,
Prepaid Payment Products ,
Privacy Laws ,
Student Loans
On December 22, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had secured a consent order against a national student loan servicer based on its failure to comply with a 2015 consent order issued by...more
12/31/2020
/ Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Electronic Fund Transfer Act ,
Enforcement Actions ,
Financial Services Industry ,
Regulation E ,
Student Loans ,
Unfair or Deceptive Trade Practices
On October 20, 2020, New Jersey Attorney General Gurbir S. Grewal (“NJ AG”) and the New Jersey Division of Consumer Affairs announced that they had filed suit in New Jersey state court against a national student loan servicer...more
On March 30, 2020, the Federal Trade Commission (FTC) announced that it had reached a settlement with three student loan debt relief companies and their owner, resolving allegations that the companies made false promises to...more
On February 6, 2018, a Kansas state court entered a default judgment against a Florida student debt relief company banning it from doing business in Kansas and ordering it to pay over $39,000 back to one consumer.
Kansas...more
On February 7, 2018, the Federal Trade Commission (“FTC”) announced an enforcement action against a student loan debt relief operation, claiming it deceived consumers out of $28 million by falsely promising that their monthly...more
2/14/2018
/ Debt Collection ,
Debt-Relief Industry ,
Disgorgement ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
FTC Act ,
Injunctive Relief ,
Restitution ,
Scams ,
Student Loans ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
On May 25, 2017, the Federal Trade Commission (“FTC”) announced that it filed a complaint? in federal court in the United States District Court for the Southern District of Florida against a student loan debt relief and...more