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Four Companies Sued for Alleged Mortgage Rescue Scam
New York Attorney General Eric T. Schneiderman's office filed a lawsuit Wednesday against four companies and their principals for operating a fraudulent loan modification scam.
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Corinthian Colleges Inc., the troubled for-profit higher-education company that will be closing operations under a deal with the U.S. Education Department, is now involved in settlement talks concerning alleged illegal debt collections. more »
The company will pay more than $6 million in relief to consumers and a $1 million penalty if the proposed enforcement is approved. more »
The Federal Trade Commission has asked a federal court to shut down a debt relief and credit repair scam that falsely claimed the federal government funded the program and that it was endorsed by President Obama. more »
A former Minnesota debt collector was sentenced Wednesday to 15 years in federal prison. more »
A nursing home located in New Rochelle, N.Y. will pay $2.2 million to settle allegations that the business and its owner submitted more than 62,000 inflated claims to the New York State Medicaid Program. more »
"Data furnishers have the legal duty to identify consumers accurately, correctly recount the consumers' payment histories, and keep their own information and record-keeping in order," the CFPB's Cordray said.
The errors - attributed to software purchased by a vendor - resulted in inaccurate customer credit information being reported to the credit bureaus. The CFPB warns that blaming vendors for technical snafus is not acceptable. more »
Bloomberg News
MOOT SUIT? Terminations of bank-payday lender relationships were the "banks' business decision," federal regulators said in response to a lawsuit filed by Advance America and a payday lending trade group. The FDIC has rescinded a controversial list of high-risk businesses targeted by the suit, regulators also said.
Federal banking regulators are seeking the dismissal of a lawsuit filed by payday lenders that claim to be victims of Operation Choke Point. more »
July marks a milestone month for complaints against debt collectors filed with the Consumer Financial Protection Bureau. On the statutory front, TCPA and FCRA lawsuits are both ahead of the year-ago pace. more »
Credit Karma must establish security programs to address risks during the development of applications and must undergo security reviews for 20 years under a settlement of Federal Trade Commission charges. more »
Forster & Garbus, a Commack, N.Y.-based collection law firm, agreed Friday to settle charges that it illegally sued to collect on payday loans from New Yorkers. more »
An email spammer and his company have settled federal charges that they sent deceptive emails in advance of the Affordable Care Act roll-out, claiming consumers would be violating the law if they did not click a link to enroll in health insurance. more »
The guidance, issued to help licensed collection agencies comply with the Idaho Collection Agency Act, is a response to an Idaho Supreme Court decision that impacts the way collection agencies must operate. more »

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