FTC and NY AG Convict and Settle For Nearly $50 Million With Debt Collectors

​ On March 22, 2018, the Federal Trade Commission (FTC), in conjunction with the New York Attorney General (AG), announced that it had entered into settlements with debt collection companies and their operators over allegedly deceptive and unlawful debt collection practices. In a February 2015 complaint filed in the United States District Court for the…

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CFPB Settles With National Bank Over Student Lending Practices for $6.5 Million

​On November 21, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a national bank, resolving allegations over the bank’s allegedly harmful student loan servicing practices and requiring it to pay millions in consumer relief and civil penalties. ​ According to the CFPB, the bank engaged…

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New York DFS Settles With Payday Loan Debt Collector and Servicer For $12 Million

On September 25, 2017, New York’s Department of Financial Services (DFS) announced that it had entered into a consent order​ with a payday loan servicer and debt collector over the servicing and collection practices on usurious payday loan debts, resulting in nearly $12 million in relief for affected consumers. Payday loans are illegal in New York, and…

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CFPB Orders National Bank to Pay $4.6 Million in Civil Penalties for Credit Reporting Practices

On August 2, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a national bank, resolving allegations as to the bank’s allegedly unlawful credit reporting activities. According to the CFPB, the bank violated several federal laws with respect to its reporting practices, including the Fair Credit Reporting Act, 15…

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FTC and Florida AG Agree to Nearly $5 Million Settlement With Defendants Pitching "Worthless" Credit Card Interest Rate Reductions

FTC

On June 5, 2017, the Federal Trade Commission (FTC) announced that a federal district court had entered its eighth order against the remaining defendants in an illegal robocall ring in which defendants promised to help consumers lower their credit card interest rates. The FTC, in conjunction with the Florida Office of the Attorney…

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