CFPB Issues Ban, $60M Fine for Bad Debt Collection Practices
A Buffalo, New York group has been banned from the debt collection industry and fined $60 million for shady debt collection practices. They are alleged to have purchased millions in consumer debt, inflated the debts, then set up a network of 60 additional debt collection companies to extract as much as possible from consumers by the use of such techniques as threats and impersonating law enforcement officials. It is not clear whether the CFPB plans to sell that fine to an outside company to inflate it and use threatening tactics in an effort to collect. [7/26/19]
