Here’s your free compliance tip of the day: Don’t shred important consumer files, especially if the Consumer Financial Protection Bureau has just requested them as part of a routine exam. This should seem obvious, but that’s exactly what one payday lender just got caught doing. The CFPB announced Wednesday its enforcement action against Cash America [...]
If you’ve lost track of who’s investigating mega-bank JP Morgan Chase for what, and how much money they owe to whom, I don’t blame you. But it’s really important for everyone in the ARM industry to understand the bank’s consent order with the OCC.
Bad news for Congressional Republicans: As the clock ticks toward a potential government shutdown at midnight, it looks like they still won’t be able to shut down the Consumer Financial Protection Bureau, a goal they’ve had since its inception. Since the CFPB gets its money from the Federal Reserve, it would remain open even if the government [...]
Washington DC’s tax lien sale program – which allows private investors to buy home debt so that the city can recoup unpaid tax dollars – has lead to the foreclosure of nearly 200 homes since 2005, with as many as 1,200 homes still on the chopping block. In addition, the DC tax office created more [...]
From the headline — Debt Collectors: ‘Death Threats Are Part Of The Job’ — through the first five paragraphs, you’d never know that this Business Insider article is actually sympathetic, sort of, to the collection industry. Too bad the article spent too much time confirming stereotypes before attempting to diffuse them.
This week on Downton Abbey: A guy with terrific face tattoos (“I feel these really exemplify how I’m living my Best Life Now — ™ Oprah”) named Mark Vevers, 50, lured a debt collector to his home where he then locked her in the bathroom, threatened her life, and stole £300 from her chequing account (see what I [...]
The United States Attorney for the District of Connecticut Wednesday announced that three more executives of Oxford Collection Agency, Inc., have pleaded guilty in federal court to charges stemming from a $10 million fraud scheme.
The pleas come roughly a week after another of Oxford’s principles, Patrick Pinto, was arrested on charges stemming from the fraud case.
The U.S. Attorney for the District of Connecticut announced that Patrick Pinto was arrested Friday on a federal criminal complaint charging him with conspiracy to commit bank bribery while he was an executive of Oxford Collection Agency.
Pinto’s father and brother have already pleaded guilty to charges stemming from the same investigation.
I don’t know if it’s too late for Papa Johns to back away from it’s 2! Million! Pizzas! Giveaway! — because it’s looking like the pizza franchise that alleges it has both “better ingredients” (?) and “better pizza” (???) might very well get saddled with a $250 million dollar lawsuit for TCPA violations. Usually on [...]
A federal grand jury Thursday charged the head of a debt collection scam operation with 21 separate counts of various federal crimes. The fake debt collection scheme, which operated out of call centers in India, was shut down by the Federal Trade Commission in April.