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Tuesday, August 26, 2014

CFPB Takes Action Against Debt Settlement Processor

The CFPB is taking action against an Oklahoma-based debt-settlement payment processor for allegedly helping other companies collect tens of millions of dollars in illegal upfront fees from tens of thousands of consumers. The debt-settlement payment processor, one of the largest in the industry, processed illegal advance fees from consumers on behalf of debt relief companies across the country,

The bureau asked a federal district court to approve of an order requiring the company and its two owners to halt all illegal activity and pay over $6 million in relief to consumers and $1 million in civil penalty.

Read more.

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