CFPB Takes Action Against "Document Preparation" Company as Debt Industry Struggles to Deal With Influx of Mass Validation Requests

Last week The Consumer Financial Protection Bureau (CFPB) filed suit in federal court against two companies operating under the name “FDAA,” a service provider, and their owners for falsely presenting FDAA as being affiliated with the federal government. The CFPB also alleges that the FDAA’s so-called “debt validation” programs violated the law by falsely promising to eliminate consumers’ debts and improve their credit scores in exchange for thousands of dollars in advance fees. The CFPB’s lawsuit seeks to end these deceptive practices, obtain redress for harmed consumers, and impose civil money penalties. 

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News and Opinion

from insideARM.com

» FTC and 11 States Announce Actions Against Student Loan Debt Relief Scams

» CFPB Takes Action Against "Document Preparation" Company as Debt Industry Struggles to Deal With Influx of Mass Validation Requests

» Latest Deadline Passes in Dept of ED Collection Case; Judge Sets New Deadline

» Pennsylvania Enters into a New Era of Consumer Protection Enforcement: What Financial Services Companies Must Do Now

» What’s the Most Important Account in Your Collections Inventory? (sponsored)

» Hurricane Relief Efforts Bolstered by CBE Employees

» Debt Collector Prevails in FDCPA Case About Outdated BBB Rating

» Industry Responds to CFPB Small Dollar Lending Rule

FTC and 11 States Announce Actions Against Student Loan Debt Relief Scams

On Friday the Federal Trade Commission (FTC), along with 11 states and the District of Columbia, announced “Operation Game of Loans,” the first coordinated federal-state law enforcement initiative targeting deceptive student loan debt relief scams. This nationwide crackdown encompasses 36 actions by the FTC and state attorneys general against scammers alleged to have used deception and false promises of relief to take more than $95 million in illegal upfront fees from American consumers over a number of years.

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