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FTC Files Suit and Obtains Temporary Restraining Order Against Alleged Student Loan Debt Relief Scam

On November 12, 2019, the Federal Trade Commission (FTC) announced that on it had filed a lawsuit against a collection of interrelated companies and individual defendants for allegedly misrepresenting themselves as affiliated with the Department of Education in order to convince consumers to sign up for student loan debt relief. The…

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Massachusetts AG Announces Settlement with Debt Buyer for Alleged Abusive Debt Collection Practices

On November 11, 2019, the Massachusetts Attorney General’s Office (AG) announced that it had settled an investigation against a national debt buyer and collector for alleged violations of Massachusetts’ consumer protection law and debt collection regulations through its debt-collection practices. Specifically, the AG alleged that the debt collector pressured debtors…

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Alabama AG Files Complaint Against Pension-Advance Lender

On March 27, 2019, the Alabama Attorney General (“Alabama AG”), Alabama State Banking Department, and the Director of the Alabama Securities Commission announced​ that they filed a complaint against a Nevada-based lender and its CEO (“Defendants”) for allegedly making loans at unlawful interest rates to desperate consumers in exchange for their pension benefits in violation…

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CFPB Announces $3.2 Million Settlement with Online Payday Lender

On January 25, 2019, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an online lender that extends unsecured payday and installment loans, as well as lines of credit, resolving allegations that the lender had engaged in unfair acts or practices in violation of the Consumer Financial Protection…

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CFPB Announces $1 Settlement With Military Pension-Advance Broker

​On January 23, 2019, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a loan broker, resolving allegations the broker’s offering of high-interest credit to veterans on behalf of several unnamed companies had thereby violated the Consumer Financial Protection Act (CFPA), 12 U.S.C. §§ 5531, 5536….

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California Department of Business Oversight Enters Into $900,000 Consent Order With Payday Lender

On January 22, 2019, the California Department of Business Oversight (DBO) announced that it had entered into a consent order with a payday lender to resolve allegations that the company violated the California Financing Law, Fin. Code Section 22000 et seq. Per the consent order, the payday lender allegedly steered borrowers into loans…

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