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Tag Archives: CFPB

Verve Credit Card, Cerulen Credit Card, and Matrix Credit Card Users to Get Millions

You will help protect people when you sell me your junk mail.

Today, the Consumer Financial Protection Bureau (CFPB) ordered Continental Finance Company LLC, a subprime credit card company based in Delaware, to refund an estimated $2.7 million to approximately 98,000 consumers who were charged illegal credit card fees. The agency found that the company’s “fee-harvester” subprime credit cards misrepresented certain fees and hit consumers with illegal charges. The order also requires ... Read More »

    CFPB Pulls DriveTime Over and Slaps Them

    cfpb

    The Consumer Financial Protection Bureau (CFPB) today took its first action against a “buy-here, pay-here” car dealer. The dealer, DriveTime, harmed consumers by making harassing debt collection calls and providing inaccurate credit information to credit reporting agencies. DriveTime must pay $8,000,000 as a civil money penalty, end its unfair debt collection tactics, fix its credit reporting practices, and arrange for ... Read More »

      Michael Harper Appears to Toss Greenspoon Marder Under Bus to CFPB

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      In this case against an alleged mortgage relief enterprise that just gets stranger and strange, Defendant Michael Harper has adopted a new approach, throw law firm Greenspoon Marder under the bus. The case filed by the Florida Attorney General and Consumer Financial Protection Bureau against Hoffman Law Group some involved recently resulted in a long and strange tale by the ... Read More »

        CFPB Bitch Slaps Bait-and-Switch Mortgage Scheme

        cfpb

        Today, the Consumer Financial Protection Bureau (CFPB) took action against Amerisave Mortgage Corporation, its affiliate, Novo Appraisal Management Company, and the owner of both companies, Patrick Markert, for engaging in a deceptive bait-and-switch mortgage-lending scheme that harmed tens of thousands of consumers. The Bureau found that Amerisave lured consumers by advertising misleading interest rates, locked them in with costly up-front ... Read More »

          CFPB Gives Private Student Loan Debtors a Little Glimmer of Hope

          cfpb

          Today the Consumer Financial Protection Bureau (CFPB) announced they will begin supervising nonbank student loan servicers for the first time. While the new rule does not alter or modify any repayment plans consumers are thirsty for in order to manage their private student loans, supervision is a step in a positive direction. The new rule and supervision is really aimed ... Read More »

            CFPB Takes Student Loan Problems Seriously

            Student Loan Corkboard Concept

            Rohit Chopra is not only the Assistant Director for the Consumer Financial Protection Bureau but also the Student Loan Ombudsman there. As an example of how slow government can work at times is the slow pace of solutions for people facing private student loan debt. Currently options are limited and without any long term payment reduction solutions like those available ... Read More »

              CFPB to Begin Accepting Debt Relief Complaints. Game Changer.

              news-hot

              A source from the CFPB has reveled that the CFPB will begin to accept complaints from consumers in 2014, and most likely by summer 2014. This means debt relief companies will most likely be in the same boat as other entities the CFPB supervises when it comes to identifying what specific company is generating complaints. Consumer complaints filed will most ... Read More »

                The Beginning of the End for the Attorney Loophole?

                gears

                A sidebar in a recent article by Jenna Greene identified an important fact that should not be lost of attorneys who feel the “attorney loophole” for debt relief services is getting thinner and thinner. According to Greene, the Consumer Financial Protection Bureau (CFPB) has been going after entities like banks and some debt relief companies. But take a guess what ... Read More »

                  CFPB Pulls Back Curtain on Debt Collection and New Rules

                  Screen Shot 2013-11-08 at 3.45.25 PM

                  The Consumer Financial Protection Bureau (CFPB) has put out a new document with an extensive amount of information that paints the debt collection industry in a new light. One fact I found exceedingly interesting is the percentages of debts the debt collection industry handles, “medical and other health-related debts (36%), credit card debts (20%), telecom debts (13%), and student loan ... Read More »

                    Debt Relief Company Officers to Face More Personal Liability From CFPB

                    stressed man

                    Indications out of the CFPB are that the agency plans to go after individuals in enforcement actions and not just companies. “In a speech last week to the Reuters Washington Summit, Director Cordray is reported to have indicated that the CFPB is committed to pursuing individuals, and not just companies, when exercising its enforcement authority.” The same report stated that ... Read More »

                      Morgan Drexen Hits Speed Bump in Suit Against the CFPB

                      head hanging

                      Previously the somewhat debt settlement, social media, call center, software developing, reputation defending company Morgan Drexen in California sued the CFPB and challenged its constitutionality. I’ve written about that here, here, and here. On October 17th the United States District Court for the District of Columbia issued an opinion in the case. In the 29 page opinion, Judge Kollar-Kotelly had ... Read More »

                        Morgan Drexen Sued by CFPB. Take That!

                        cfpb

                        Recently the debt settlement company Morgan Drexen sued the Consumer Financial Protection Bureau, CFPB, hoping they would be declared unconstitutional and disbanded. For more, see this and this. Today the CFPB turned around and unloaded their long-term investigation into Morgan Drexen and filed suit against them. I’ll review the entire lawsuit tomorrow but for now, here is what the CFPB ... Read More »

                          Does Moran Drexen’s Preferred Creditor Program Create a Problem for Consumers?

                          old man headache

                          Last week new information in the lawsuit between Morgan Drexen and the CFPB brought to light a commission compensated department called the Preferred Creditor Program. You can read that article, here. At least one commenter mentioned Morgan Drexen is not the only company to have such a program. If not, then an industry wide problem may exist here. One commenter ... Read More »

                            Morgan Drexen Rumble With CFPB – Update

                            cfpb

                            Previously covered the suit filed by the debt settlement company Morgan Drexen against the CFPB, here. Today I went to see what, if any, updates there were on the case. Here is the latest: “The Court held two on the record telephone conference calls with the parties on July 24, 2013 and July 25, 2013, during which Plaintiffs consented to ... Read More »

                              Think You Might Owe the CFPB Money in Penalties? Read This.

                              black-hole

                              Tomorrow the CFPB will publish final rules regarding the collection of money owed to the Consumer Financial Protection Bureau. It is very possible that fines levied against companies and individuals will fall under the rules. With tougher enforcements to come from the CFPB in the debt relief space, participants should be aware of the powers to collect the CFPB has ... Read More »

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