Debt Collector Settles CFPB Charges For Furnishing Inaccurate Data – F…



United States:

Debt Collector Settles CFPB Charges For Furnishing Inaccurate Data


To print this article, all you need is to be registered or login on Mondaq.com.

A non-bank debt collector settled CFPB charges for furnishing inaccurate
information to consumer reporting agencies (“CRAs”).

As described in the Consent Order, the CFPB found that the debt
collector:

The CFPB also found that the debt collector, as a “covered
person” engaging in violations of consumer financial law,
violated Section 1036(a)(1)(A) of the Consumer Financial Protection Act.

To settle the charges, the debt collector agreed, among other
things, to (i) pay a $500,000 civil money penalty, (ii) review
account information on a monthly basis to assess accuracy and
integrity, (iii) retain an independent consultant with
“specialized experience in FCRA and Regulation V
compliance” to conduct a compliance review, and (iv) not
engage in future violations.

Primary Sources

  1. CFPB Press Release: Consumer Financial Protection
    Bureau Announces Settlement with Debt Collector for Credit
    Reporting Violation

  2. CFPB Order: Consumer Financial Protection Bureau
    Announces Settlement with Debt Collector for Credit Reporting
    Violation – 11/02/2020

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

POPULAR ARTICLES ON: Finance and Banking from United States

Banking Under Biden

Shearman & Sterling LLP

Former Vice President Joseph R. Biden Jr. has won the 2020 presidential election and the Democratic Party will remain in control of the House of Representatives. Though it is yet uncertain whether

IRS Releases Guidance On LIBOR Transition

Stradley Ronon Stevens & Young, LLP

The IRS, in Revenue Procedure 2020-44, provides guidance on the market’s transition from the London Interbank Offered Rate (LIBOR) and other rates to alternative reference rates.



Source link Google News

Add Comment