Biggest US Debt Collector To Pay $15M To End CFPB Suit

Law360 (October 15, 2020, 10:10 PM EDT) -- The largest debt collector in the U.S. agreed Thursday to pay $15 million to settle a Consumer Financial Protection Bureau lawsuit in California federal court alleging it violated a 2015 consent order that found the collector violated federal consumer protection laws in its debt-collection practices.

San Diego-based Encore Capital Group Inc. and its subsidiaries Midland Funding LLC, Midland Credit Management Inc. and Asset Acceptance Capital Corp., which together make up the largest debt collector and buyer in the country, will pay a combined $15 million in civil penalties, according to the stipulation.

The CFPB sued the collectors in September, alleging they...

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