• About Us
  • Privacy Policy
  • Contact
Mortgage Insurance Center
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
Mortgage Insurance Center
No Result
View All Result
Home Loans

CFPB Orders $8M Paid to Consumers in Loan Scam

by Matthew Upton
May 12, 2022
in Loans
0
FinCEN May Turn Tech Event Proposals Into Actions
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

[ad_1]

The Consumer Finance Protection Bureau (CFPB) has finalized an enforcement action against RAM Payment and Account Management Systems, two payment processors working with debt relief, over collecting debt-relief fees from consumers and lying about the specifics.

According to a CFPB press release Wednesday (May 11), Account Management Systems’ co-founders, Gregory Winters and Stephen Chaya, were also filed against.

The CFPB said the companies took fees and lied about when the fees would be paid to debt-relief companies. According to the release, they sent illegal advance fees to the companies before they were allowed, and allegedly did not return funds to consumers who canceled their student loan debt-relief agreements, which is required by law.

AMS and RAM Payment are both Tennessee-based companies and have provided account maintenance and payment processors for those in debt-relief programs. The providers of these services are intended to be independent and just hold fees until the debt-relief companies are ready for them.

Because of those allegations, the CFPB is fining the defendants over $11 million.

“Too often, bad actors take advantage of student loan borrowers and others who are seeking to get out of debt,” said CFPB Director Rohit Chopra. “Our law enforcement action bans the facilitators and their ringleaders for their illegal acts.”

PYMNTS wrote that the CFPB also recently ordered Bank of America to pay $10 million for illegally processing garnishment orders against customers’ accounts.

Read more: CFPB: BoA Must Pay $10M for Illegal Garnishments

The CFPB said the bank “unlawfully froze customer accounts, charged garnishment fees, garnished funds, and sent payments to creditors based on out-of-state garnishment court orders that should have been processed under the laws and protections of the states where the consumers lived.”

The CFPB also said Bank of America broke the law by putting unfair and unenforceable language in contracts, limiting customers’ rights to challenge their accounts being frozen. In addition to the fine, the bank was ordered to refund or cancel imposed fees from the garnishments and fix its system.

——————————

NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL 2022

About: Shoppers who have store cards use them for 87% of all eligible purchases — but this doesn’t mean retailers should boot buy now, pay later (BNPL) options from checkout. The Truth About BNPL And Store Cards, a PYMNTS and PayPal collaboration, surveys 2,161 consumers to find out why providing both BNPL and store cards are key to helping merchants maximize conversion.

[ad_2]

Source link

Previous Post

Average intermediary mortgage volumes fall in Q1 2022…

Next Post

British Asset Manager Fasanara Raises $350 Million Crypto and Fintech Fund (Report)

Next Post
British Asset Manager Fasanara Raises $350 Million Crypto and Fintech Fund (Report)

British Asset Manager Fasanara Raises $350 Million Crypto and Fintech Fund (Report)

Popular Posts

Ajanta Pharma : Newspaper Advertisements
Life insuranace

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

by Matthew Upton
July 28, 2022
0

Close Provided by: TAIMING ASSURANCE BROKER CO.,LTD. SEQ_NO 4 Date of...

Read more

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

$1 billion in loans still available for agricultural funding in Ohio

How Long Do Car Accidents Stay on Your Record?

Rocket Mortgage Classic Wagers: Pick To Finish Top-10

Load More

Popular Posts

Ajanta Pharma : Newspaper Advertisements

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

by Matthew Upton
July 28, 2022
0

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

by Matthew Upton
July 5, 2022
0

Propy introduces blockchain title and escrow service

Propy introduces blockchain title and escrow service

by Matthew Upton
May 26, 2022
0

Ajanta Pharma : Newspaper Advertisements

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

July 28, 2022

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

July 28, 2022
Edelweiss General Insurance launches India’s first on-demand, mobile telematics-based comprehensive motor insurance – SWITCH

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

July 28, 2022

Categories

  • Assets
  • Banking Laws
  • Finance Laws
  • Health Insurance
  • Home Insurance
  • Interest Rate
  • Life insuranace
  • Loans
  • Mortgages

Tags

home loans mortgage personal loan
  • Privacy Policy
  • contact us

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • About Us
  • contact us
  • Home
  • Home 2
  • Home 3
  • Privacy Policy

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.