CFPB Takes Action to Protect Depositors from False Claims About FDIC Insurance

The Consumer Financial Protection Bureau (CFPB) released an enforcement memorandum today that addresses prohibited practices on claims about Federal Deposit Insurance Corporation (FDIC) insurance. Specifically, firms cannot misuse the name or logo of t…

The Consumer Financial Protection Bureau (CFPB) released an enforcement memorandum today that addresses prohibited practices on claims about Federal Deposit Insurance Corporation (FDIC) insurance. Specifically, firms cannot misuse the name or logo of the FDIC or make deceptive representations about deposit insurance.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-to-protect-depositors-from-false-claims-about-fdic-insurance/

CFPB Orders Scam’s Ringleaders to Pay More Than $8 Million to Consumers and Student Loan Borrowers

Today, the Consumer Financial Protection Bureau (CFPB) finalized an enforcement action against debt-relief payment-processors RAM Payment and Account Management Systems (AMS), as well as AMS’s co-founders, Gregory Winters and Stephen Chaya, for collect…

Today, the Consumer Financial Protection Bureau (CFPB) finalized an enforcement action against debt-relief payment-processors RAM Payment and Account Management Systems (AMS), as well as AMS’s co-founders, Gregory Winters and Stephen Chaya, for collecting debt-relief fees from consumers, lying to consumers about when the fees would be paid to debt-relief companies, and sending illegal advance fees to debt-relief companies before they were legally allowed to do so.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-scams-ringleaders-to-pay-more-than-8-million-to-consumers-and-student-loan-borrowers/

CFPB Obtains Ban Against Debt Relief CEO Daniel Crenshaw

Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order to resolve its allegations that Performance SLC, a student loan debt relief business, and Performance Settlement, a general debt-settlement company, along with their owner an…

Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order to resolve its allegations that Performance SLC, a student loan debt relief business, and Performance Settlement, a general debt-settlement company, along with their owner and CEO, Daniel Crenshaw, engaged in wrongful fee-charging practices and deceptive telemarketing.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-obtains-ban-against-debt-relief-ceo-daniel-crenshaw/

Director Chopra’s Prepared Remarks on the Repeat Offender Lawsuit Against TransUnion and John Danaher

Today, the Consumer Financial Protection Bureau (CFPB) has filed a major lawsuit against repeat offender TransUnion, two of its subsidiaries, and a longtime executive, John T. Danaher, for violating a 2017 law enforcement order.

Today, the Consumer Financial Protection Bureau (CFPB) has filed a major lawsuit against repeat offender TransUnion, two of its subsidiaries, and a longtime executive, John T. Danaher, for violating a 2017 law enforcement order.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/director-chopras-prepared-remarks-on-the-repeat-offender-lawsuit-against-transunion-and-john-danaher/

CFPB Bans BrightSpeed Solutions and Its Former CEO for Supporting Telemarketing Scammers Targeting Older Americans

Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed final judgement and order with a federal district court that, if entered by the court, would resolve a March 2021 lawsuit brought by the CFPB against BrightSpeed Solutions and its …

Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed final judgement and order with a federal district court that, if entered by the court, would resolve a March 2021 lawsuit brought by the CFPB against BrightSpeed Solutions and its founder Kevin Howard.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-bands-brightspeed-solutions-and-its-former-ceo-for-supporting-telemarketing-scammers-targeting-older-americans/

CFPB Shutters Lending by VC-Backed Fintech for Violating Agency Order

Today, the Consumer Financial Protection Bureau (CFPB) announced that LendUp Loans has agreed to halt making any new loans and collecting on certain outstanding loans, as well as to pay a penalty, to resolve a September 2021 lawsuit alleging that it co…

Today, the Consumer Financial Protection Bureau (CFPB) announced that LendUp Loans has agreed to halt making any new loans and collecting on certain outstanding loans, as well as to pay a penalty, to resolve a September 2021 lawsuit alleging that it continued to engage in illegal and deceptive marketing in violation of a 2016 CFPB order. The lawsuit also accuses LendUp of violating fair lending regulations.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-shutters-lending-by-vc-backed-fintech-for-violating-agency-order/

Consumer Financial Protection Bureau and Virginia, Massachusetts, and New York Attorneys General Sue Libre for Predatory Immigrant-Services Scam

On February 22, 2021, the Consumer Financial Protection Bureau – in partnership with Virginia, Massachusetts, and New York – sued Libre by Nexus, Inc., and its owners for a predatory immigrant-services scam that traps victims into paying expensive, lon…

On February 22, 2021, the Consumer Financial Protection Bureau - in partnership with Virginia, Massachusetts, and New York - sued Libre by Nexus, Inc., and its owners for a predatory immigrant-services scam that traps victims into paying expensive, long-term fees.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-and-virginia-massachusetts-and-new-york-attorneys-general-sue-libre-for-predatory-immigrant-services-scam/

Consumer Financial Protection Bureau Sues Debt Collector BounceBack, Inc.

On December 9, 2020, the Consumer Financial Protection Bureau filed a lawsuit against BounceBack, Inc. for allegedly engaging in deceptive and otherwise unlawful debt collection acts or practices.

On December 9, 2020, the Consumer Financial Protection Bureau filed a lawsuit against BounceBack, Inc. for allegedly engaging in deceptive and otherwise unlawful debt collection acts or practices.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-sues-debt-collector-bounceback-inc/

Consumer Financial Protection Bureau Settles with Debt Collector for Engaging in Deceptive Debt Collection Practices in Three States

On December 8, 2020, the Consumer Financial Protection Bureau issued a consent order against RAB Performance Recoveries, LLC for threatening to sue and suing consumers to collect debts where it did not have a legally required license to do so.

On December 8, 2020, the Consumer Financial Protection Bureau issued a consent order against RAB Performance Recoveries, LLC for threatening to sue and suing consumers to collect debts where it did not have a legally required license to do so.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-settles-debt-collector-engaging-deceptive-debt-collection-practices-three-states/

Consumer Financial Protection Bureau Settles with U.S. Equity Advantage, Inc. and Its Owner, Robert M. Steenbergh, for Deceptive Sales Practices

On November 20, 2020, the Consumer Financial Protection Bureau issued a consent order against U.S. Equity Advantage, Inc. and its owner, Robert M. Steenbergh.

On November 20, 2020, the Consumer Financial Protection Bureau issued a consent order against U.S. Equity Advantage, Inc. and its owner, Robert M. Steenbergh.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-settles-us-equity-advantage-inc-and-owner-robert-m-steenbergh-deceptive-sales-practices/