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ARTICLE · 14 SEPTEMBER 2014

CFPB Targets Payment Processors And Debt Collection Fees

Waller Lansden Dortch & Davis
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The Consumer Financial Protection Act of 2010 and the Telemarketing and Consumer Fraud and Abuse Prevention Act regulate certain actions of debt relief service providers.

United StatesFinance and Banking
Michael Fant
Michael Fant

The Consumer Financial Protection Act of 2010 and the Telemarketing and Consumer Fraud and Abuse Prevention Act regulate certain actions of debt relief service providers. Specifically, those Acts prohibit debt relief service providers from requesting or receiving fees from consumers until after the service provider has successfully renegotiated at least one of the consumer's debts and the consumer has made at least one payment under the renegotiated plan.

On August 25, 2014, the Consumer Financial Protection Bureau (the "CFPB") filed a Complaint and submitted to the United States District Court for the Central District of California a proposed consent order against Global Client Solutions, LLC ("GCS") for violating those laws.

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