CFPB Reaches Multibillion Dollar Settlement with Credit Repair Conglomerate

The Consumer Financial Protection Bureau (CFPB) has proposed a settlement with credit repair companies Lexington Law and CreditRepair.com, imposing a $2.7 billion judgment and a 10-year ban on telemarketing credit repair services due to illegal collection of advance fees in violation of federal law.

consumerfinance.gov

Relevant topic timeline:

9/11/2023

CFPB Suffers Legal Defeat on Anti-Discrimination Authority

A federal judge ruled that the U.S. Consumer Financial Protection Bureau (CFPB) does not have broad authority to address discriminatory banking practices, favoring financial industry groups that sued the regulator.

9/19/2023

Supreme Court Case Threatens Mortgage Industry and Broader Economy

The Supreme Court will hear a challenge against the Consumer Financial Protection Bureau (CFPB) in a case that could potentially declare the agency's work invalid, raising concerns about the financial stability of the U.S. mortgage industry and the broader economy.

9/21/2023

CFPB Proposes Removing Medical Debt from Credit Reports to Aid Families

The Consumer Financial Protection Bureau (CFPB) is beginning a rulemaking process to remove medical bills from Americans' credit reports in order to help families recover financially from medical crises, prevent debt collectors from pressuring individuals to pay bills they may not owe, and address the inaccuracies and mistakes in medical billing data.