PARSIPPANY, N.J. — Pressler and Pressler, a law firm specializing in retail collections, today announced it has entered into a settlement agreement with the Consumer Financial Protection Bureau (CFPB). While the CFPB rigorously and thoroughly scrutinized the firm for more than a year and a half, the settlement ultimately involves no consumer redress or restitution, no invalidation of judgments and no findings of the use of improper affidavit practices. This result is a reflection of the millions of dollars Pressler and Pressler has invested annually in professional human resources and technology systems to strengthen the accuracy and professionalism of its operations. The firm is also among the first to have a dedicated compliance team, whose role has continued to be refined and expanded over time to meet changing standards.
“This settlement is not about laws or rules that are currently in place,” said Sheldon H. Pressler, managing partner. “Instead, the CFPB has formed its own unique interpretation of federal and state law today and applied those interpretations retroactively to our past practices that were, at the time, in accordance with federal and state laws.”
In the settlement, the CFPB makes only two broad claims, which Pressler and Pressler contends lack substance:
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