Debt Relief Compliance Attorney
Felix Shipkevich July 16, 2018
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The Consumer Financial Protection Bureau published a press release on Friday stating National Credit Adjusters (NCA) and it’s former CEO and part owner, Bradley Hochstein, have settled for $3 Million each. The civil money penalties will be suspended if they render $500,000 by the company and $300,000 by Hoschstein. In the consent order the CFPB […]

Felix Shipkevich July 3, 2018
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CFPB Reports Student Loan Repayment and Borrowing The Consumer Financial Protection Bureau (CFPB) publishes an annual report for student loan borrowers complaints. The 2017 Ombudsman was published at the end of last year as directed by the Dodd-Frank Act and Consumer Protectin Act. The report offered insight into the changing practices due to student loan […]

Felix Shipkevich June 26, 2018
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Security Group Settles $5 million with CFPB for Improper Debt Collection “The Bureau of Consumer Financial Protection (Bureau) announced a settlement with Security Group Inc., a South Carolina corporation, and its subsidiaries, Security Finance Corporation of Spartanburg and Professional Financial Services Corp. As described in the consent order, the Bureau found that the Security Group entities […]

Felix Shipkevich May 31, 2018
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Debt Relief Scammers Settle with FTC-Attorneys General Lawsuit Last year the Federal Trade Commission teamed up with state Attorneys General for a national sweep of debt relief schemes titled Operation Game of Loans. A variety of debt relief companies from different states were sued by the FTC for violating laws with complaints filed against them in court. […]

reliefwatch May 10, 2018
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US consumer borrowing up $11.6 billion in March By MARTIN CRUTSINGER, AP ECONOMICS WRITER May. 07, 2018 WASHINGTON — May 7, 2018, 3:12 PM ET Americans increased their borrowing by $11.6 billion in March as a big increase in the category that covers auto and student loans offset the largest monthly drop in credit card […]

Felix Shipkevich April 27, 2018
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Lending Club Ignores Warnings, Charged for Misleading Consumers by FTC The Federal Trade Commission has charged the Lending Club Corporation with falsely promising consumers they would receive a loan with “no hidden fees,” when, in actuality, the company deducted hundreds or even thousands of dollars in hidden up-front fees from the loans. “This case demonstrates the importance […]

Felix Shipkevich April 9, 2018
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10 Takeaways from New Washington State Student Debt Relief Laws This June Washington State student-borrowers struggling with student debt will benefit from House Bill No. 1169, the Student Opportunity, Assistance, and Relief Act (SOAR). The new law updates student debt collection laws for private student loans, primarily repealing license suspension laws for professional licenses or […]

Felix Shipkevich March 28, 2018
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FDIC Orders Cross River Bank and Affiliates $20 Million in Restitution to Consumers The Federal Deposit Insurance Corporation (FDIC) announced settlements with Cross River Bank, Teaneck, New Jersey, and its institution-affiliated party, Freedom Financial Asset Management, LLC (FFAM), San Mateo, California, for unfair and deceptive practices in violation of Section 5 of the Federal Trade […]

Felix Shipkevich March 27, 2018
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FTC and NY Attorney General Ban Debt Collectors From Industry Last week the FTC announced that on March 20th the U.S. District Court for the Western District of New York finalized orders to permanently ban seven debt collection companies and three individual defendants from the bebt collection industry. The order against Travell Thomas and his company […]

Felix Shipkevich March 20, 2018
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The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) share overlapping jurisdiction on debt collection, payday lending, and consumer financing. The FTC has been around for decades establishing itself as the largest federal consumer protection agency taking action against telemarketing fraud, false advertising, identity theft, and take legal action against businesses that […]