Judgement: Debt Relief Law Firms Not Exempt from CFPB's Authority

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Judgement: Debt Relief Law Firms Not Exempt from CFPB's Authority

Sep, 7th 2016

The owners of two law firms offering debt relief services may be held liable by the Consumer Financial Protection Bureau for allegedly violating federal consumer protection laws, a Wisconsin federal judge recently ruled.

Judge Barbara B. Crabb of the U.S. District Court for the Western District of Wisconsin also concluded that the defendants misrepresented their services and collected advance fees in violation of Regulation O.

Regulation O, under the Consumer Financial Protection Act of 2010, prohibits a mortgage assistance relief service provider from requesting or receiving payment of any fee or other consideration until the consumer has executed a written agreement between the consumer and the consumer’s dwelling loan holder or servicer “incorporating the offer of mortgage assistance relief that...

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