On September 16, the Federal Trade Commission (FTC) announced that it had entered a stipulated order with a debt collection services provider over allegations that the debt collector violated the Federal Trade Commission Act and Fair Debt Collection Practices Act by misrepresenting to payday loan recipients that they were delinquent on their debts, collected millions…
On September 8, the Federal Deposit Insurance Corporation (FDIC) settled with two national banks for alleged violations of Section 5 of the Federal Trade Commission Act. The banks are wholly-owned subsidiaries of the same parent company. The FDIC alleged that the banks engaged in unfair and deceptive practices in connection with…
On September 3, 2015, the Federal Trade Commission (“FTC”) agreed to settle allegations with a mortgage relief services company that allegedly charged homeowners an illegal fee for assistance the company never provided. The FTC brought its claims under section 5(a) of the Federal Trade Commission Act (“FTCA”), 15 U.S.C. § 45(a), the Mortgage Assistance Relief Services Rule (“MARS…
On July 30, the Federal Trade Commission (FTC) announced that it will mail checks totaling over $969,000 to consumers who lost money as part of a credit card interest rate reduction scam. In June 2013, the FTC brought suit in the Middle District of Florida against a payment processor and telemarketing company,…
On July 21, 2015, the Consumer Financial Protection Bureau (“CFPB”) issued a consent order requiring a national bank and its subsidiaries to provide roughly $700 million in consumer relief due to the bank’s practices relating to its credit card services and add-on products. The consent order states that a CFPB review of the bank’s practices…
On July 8, 2015, the Federal Trade Commission (FTC) announced that settlements were approved against companies and individuals who allegedly operated a fraudulent debt collection scheme that targeted Spanish-speaking consumers. According to the complaint, the defendants cold called Spanish-speaking consumers nationwide, and falsely held themselves out to be government officials seeking to collect a debt…
On June 10, the Federal Trade Commission (“FTC”) announced that it entered into a consent order with an Arkansas car dealer over charges that the car dealer failed to display a “Buyers Guide” on used cars offered for sale. In connection with the settlement, the car dealer agreed to pay…
On June 10, the Federal Trade Commission (“FTC”) announced that it unanimously approved consent orders with two Georgia car title lenders that the FTC charged had failed to disclose important conditions about financing for their title loans. In its complaint, the FTC alleged that the car title lenders violated the…
On June 5, the Federal Trade Commission (FTC) announced that it will mail over $467,000 to 2,653 consumers affected by a scheme whereby a law firm charged up-front fees for mortgage modification and other relief services that were never provided, in violation of Section 5 of the Federal Trade Commission…
The Consumer Financial Protection Bureau (“CFPB”) announced that it and the Federal Trade Commission (FTC) entered into a Proposed Consent Order with a national mortgage servicing company over allegations that its loss-mitigation activities violated the Federal Trade Commission Act (“FTCA”), the Consumer Financial Protection Act (“CFPA”), the Fair Debt Collection Practices…