An Ohio man faces up to 20 years in prison after pleading guilty to a money laundering conspiracy arising from his operation of Helix, a Darknet-based cryptocurrency laundering service. Helix was linked to and associated with “Grams,” a Darknet search engine.
The Consumer Financial Protection Bureau has filed a proposed settlement to resolve a lawsuit against a debt collection enterprise and its owner. The CFPB alleged the company failed to establish or implement reasonable written policies and procedures regarding the accuracy and integrity of the information it furnished to credit reporting agencies and failed to conduct reasonable investigations of indirect consumer disputes, resulting in inaccurate information remaining on consumers’ credit reports.
The Consumer Financial Protection Bureau has ordered a fintech company to pay a $2.5 million civil penalty for allegedly enabling contractors and other merchants to take out loans on behalf of thousands of consumers who did not request or authorize them. The consent order also requires the company to refund or cancel millions of dollars in loans for customers harmed by its illegal conduct and implement new procedures to prevent future fraudulent loans.
The Consumer Financial Protection Bureau (CFPB) announced it will resume Military Lending Act-related examination activities. The bureau issued an interpretive rule explaining its authority to examine supervised financial institutions for risks to active duty servicemembers and their dependents from conduct that violates the MLA. Read on for details from the CFPB.
The Consumer Financial Protection Bureau (CFPB) has requested a federal district court impose a $7.7 million judgment against a Massachusetts-based debt relief company.
However, the judgment would be suspended if the company agrees to pay consumers a lesser amount for allegedly charging unlawful fees and failing to provide required disclosures to its customers.
The CFPB alleged DMB’s actions violated the Telemarketing Sales Rule and the Consumer Financial Protection Act. Read on for details.
The Consumer Financial Protection Bureau (CFPB) has issued a consent order against a reverse mortgage lender accused of targeting older borrowers with deceptive advertising.
The broker sent deceptive loan advertisements that misled consumers about how much money they could receive from a reverse mortgage, the fees and costs associated with the products, and the consequences of nonpayment, the CFPB said. Read on for details from the consent order.
The Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James have filed a complaint in federal court to seize a $1.6 million home that was allegedly fraudulently transferred by the operator of a now-defunct debt-collection scheme.
The complaint asks the court to declare the transfer void and order the seizure and sale of the property to partially repay the debt collector’s outstanding debt to the federal and state governments. Read on for details from the CFPB.
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