For the second time in a month, the Consumer Financial Protection Bureau (CFPB) allegedly has slashed civil money penalties for a debt collector found to have harassed customers.
The bureau issued a consent order to National Credit Adjusters, LLC (NCA), a privately-held company based in Kansas, along with its former CEO and part-owner, Bradley Hochstein. The company and Hochstein each were ordered to pay $3 million in penalties.
But according to a published report, then-CFPB Director Richard Cordray sought tens of millions more in penalties against the company. Read on for more details.
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