CFPB Sues Freedom Debt Relief, The Nations Largest Debt Settlement Company

[ Freedom Debt Relief ] Deceives Consumers About Its Negotiating Power, the Reach of Its Services, Its Fees, and Consumers’ Rights to Their Own Funds —Consumer Financial Protection Bureau (CFPB) Last week on November 08, 2017, the CFPB filied a lawsuit against the nations largest debt settlement company, Freedom Debt Relief, claiming that their deceiving practices

FTC Nationwide Crackdown against Debt Relief Scams

The Federal Trade Commission teamed up with State Attorneys General from 11 different states and D.C to coordinate a crackdown against student loan debt relief scams. The national collaboration dubbed “Operation Game of Loans” included 36 legal actions by the FTC and AGs which allege the companies had scammed up to $95 million in illegal

Education Department Breaks Partnership with CFPB

Back in 2010, federal law makers ended the ability for banks to create government backed student loans. Some reasoned that this enables the government to save money and give more support to indebted students. During his time as a federal employee at the U.S. Department of Education, David Bergeron conjectured that the government seeks full

Student Loan Debt and Employer Assistance

Student Loan Debt and Employer Assistance WASHINGTON, D.C. – On August 16, 2017, the Consumer Financial Protection Bureau (CFPB) released a report analyzing that almost half of student loan borrowers leave school with over $20,000 in student debt. This current trend is making more employers offer student loan repayment benefits to their employees. CFPB compiled

Credit Repair Companies Pay $2 Million of Penalties for Abusive Practices

Washington, D.C. – On June 27, two complaints were filed against four California-based credit repair companies and three individuals for beguiling consumers about their services and charging unlawful fees. The four companies ­­– Prime Credit LLC, IMC Capital LLC, Commercial Credit Consultants and Park View Law – reached a legal settlement of $2 million penalty

Treasury Report: Overhaul of Financial Regulations

Treasury Report: Overhaul of Financial Regulations Washington, D.C. – A report discussing the department’s evaluation of the market has been divulged by the U.S. Treasury Secretary Steven Mnuchin. The report contains ostensible executive actions and changes to regulation that can produce vital relief. Moreover, the report suggests bringing private mortgage investor capital into secondary markets. Since

CFPB’s Director Cordray Tension With House Panel

The Consumer Financial Protection Bureau (CFPB) is under investigation from the House Financial Service Committee. The Committee is accusing CFPB’s director, Richard Cordray, for allegedly misleading the committee’s investigation on Wells Fargo’s machinations of opening unnecessary, and sometimes, unauthorized accounts. A report released by Republican staff alleges that Director Cordray was defiant to provide specific inquiries requested

Installment Loan Companies Violations

On April 27, 2017 the Consumer Financial Protection Bureau (CFPB) sued four online installment loan companies – Golden Valley Landing, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc., and Majestic Lake Financial, Inc. – for unfair, abusive, and deceptive practices toward consumers by collecting on debts that consumers did not legally owe. CFPB asserted

CFPB Sued Four Installment Companies for Rendering Law Transgressive Loans

On April 27, 2017 the Consumer Financial Protection Bureau (CFPB) sued four online installment loan companies – Golden Valley Landing, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc., and Majestic Lake Financial, Inc. – for unfair, abusive, and deceptive practices toward consumers by collecting on debts that consumers did not legally owe. CFPB asserted

Payback Playbook

Today, the Consumer Financial Protection Bureau (CFPB), the U.S. Department of Education and the U.S Treasury unveiled many new initiatives to student loan borrowers geared towards paying back their student loans as well as improve servicing practices. The highlight among these initiatives is the CFPB’s Payback Playbook. The Payback Playbook will play a significant role