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ARTICLE · 16 SEPTEMBER 2015

State AGs In The News - September 10th, 2015

Blank Rome
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Acting New Jersey AG John Hoffman settled with DealerApp Vantage, LLC, resolving allegations that the mobile app developer violated the New Jersey Consumer Fraud Act...

United StatesConsumer Protection
Doreen Manchester
Doreen Manchester
Aaron R. Lancaster
Aaron R. Lancaster
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Consumer Financial Protection Bureau

CFPB Lowers the Curtain on Debt Buyers

  • The Consumer Financial Protection Bureau (CFPB) secured consent orders with Encore Capital Group, Inc. (including subsidiaries Midland Funding, LLC, and Midland Credit Management, Inc.) and Portfolio Recovery Associates, LLC, resolving allegations that the two debt purchasers and collectors violated the Fair Debt Collection Practices Act and the Consumer Financial Protection Act by engaging in unfair and deceptive collection practices.
  • The CFPB alleged that Encore and Portfolio (including their subsidiaries) purchased delinquent and charged-off consumer debt accounts for "pennies on the dollar," and then used high-pressure practices (which included making false statements, harassing consumers, and threatening lawsuits) to collect on the debt. In some cases, the CFPB found that the debt was unsubstantiated, indicated an inaccurate amount, or was legally unenforceable; in others, it

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