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FTC Settles Charges Against Debt Collectors Involved in Collection Scheme

FTC

On June 4, 2018, the Federal Trade Commission (FTC) announced a settlement with a North Carolina debt collection company and its principals over alleged illegal collection practices. In August 2017, the FTC filed an action against the defendants alleging violations of Section 5 of the Federal Trade Commission Act, 15 U.S.C. §…

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FTC Obtains Preliminary Injunction Against Mortgage Relief Operation

FTC

On May 8, the Federal Trade Commission (“FTC”) announced that the U.S. District Court for the Central District of California granted its request to preliminarily enjoin affiliated California-based debt relief companies from continuing operations, and to freeze their assets. In its complaint, the FTC alleged that the companies violated Section 5(a) of the Federal Trade Commission Act,…

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FTC and Florida State AG Settle with Debt Relief Scammers for Over $80 Million

FTC

On April 12, 2018, the Federal Trade Commission (FTC) announced proposed settlements with three marketers for illegal debt relief and loan services. In May 2017, the FTC filed an action against the three marketers and eleven related corporate entities claiming that the defendants engaged in a wide-scale debt relief scheme in violation of Section…

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FDIC Enters Into $20 Million Consent Order With Debt Settlement Entities

On March 28, 2018, the Federal Deposit Insurance Corporation (“FDIC”) annou​nced settlements with a bank and an affiliated lender (“Defendants”) relating to allegations of deceptive lending practices.  According to the FDIC, the Defendants provided, as “debt-settlement products,” loans to borrowers who were heavily indebted, which loans had settlement fees of up…

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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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FTC Accuses Student Loan Debt Relief Operation of Deceiving Consumers

​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 payments would go towards their student loans. In the complaint, filed in the U.S. District Court for the Northern…

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