“It wouldn't be unusual” for the Federal Reserve to work alongside private-sector operators in the creation of a U.S. real-time payments system, its chairman said.
State and federal authorities say the network of firms in upstate New York sought debts that consumers weren't obligated to pay and impersonated government officials, among other things.
Freedom Debt Relief claimed it could negotiate on consumers’ behalf with creditors that in fact avoided dealing with debt settlement companies, the agency alleges.
The CFPB did not file any fair-lending enforcement actions in the 2018 fiscal year and did not refer any Equal Credit Opportunity Act violations to the Department of Justice.
The ban, which came to light Monday, will remain in effect until either the final disposition of Stephen Calk’s court case or until it is terminated by Comptroller Joseph Otting.
Former Trump campaign chairman Paul Manafort pleaded not guilty in a New York mortgage fraud case — state charges that are beyond the reach of a presidential pardon.
The little-known unit was launched in the wake of efforts by the CFPB and HUD to cut back on fair-lending activities, but the reach of the 10-month-old office is still unclear.
Student CU Connect CUSO, which had made high-risk loans to students of the now-bankrupt ITT Technical Institute, agreed to a settlement resulting in an estimated $168 million of loan forgiveness.
