CFPB Files Settlement
Earlier this week, the Consumer Financial Protection Bureau (CFPB) released details of its settlement with a debt collection company alleged to have had several compliance failures, an action that began in 2019. Notably, this company was pursued by the Bureau for:
- Failing to have adequate policies and controls relating to credit reporting, including furnishing data and processing disputes;
- Deficiencies in reviewing identity theft reports; and
- Failing to properly validate debts prior to collection efforts.
In its press release, the CFPB Acting Director Dave Uejio stresses that the Bureau will pursue claims against companies for the absence of adequate procedures. Review the complaint and settlement for full details.
August 20th, 2021
