Elizabeth Warren Says CFPB to Spend Half of Budget on Enforcement

This past Monday I had the pleasure of catching up with my old friend Elizabeth Warren. She was the keynote speaker at the National Association of Attorneys General meeting in Charlotte, NC. Professor Warren made it very clear that the Consumer Financial Protection Bureau (CFPB) will focus on compliance, supervision and enforcement of financial products. … Read more

FTC Hopes to Eradicate Broken Debt Collection Litigation and Arbitration

A report released by the Federal Trade Commission Monday featured the FTC’s complaints about debt collection in our country today. The report featured the conclusion that “consumers are not adequately protected in either debt collection litigation or arbitration.” The FTC put forth recommendations to both the federal and state governments on how to make the … Read more

Many Debt Settlement Firms Lie and Defraud People Says Government Report

Reuters covered the hearing yesterday and published their take on the Senate Hearings on the debt settlement industry. Debt settlement Firms Rife with Fraud: GAO (Reuters) – A big percentage of debt settlement companies lie to and defraud people who contact them asking for help with credit problems, according to a GAO report and law … Read more

Senate Hearing on Debt Settlement Industry – April 22, 2010. Ouch! That’s Going to Leave a Mark.

The U.S. Senate held hearings today on the practices of the debt settlement industry. You can watch the entire video of the hearings below. It might be slow in the beginning but take your bathroom break before the halfway point. It gets good and you don’t want to miss a moment of it. Debt Settlement … Read more