CFPB Settlement Skimped On Restitution, Dem Senator Says

By Jon Hill (September 26, 2019, 8:55 PM EDT) -- The top Democrat on the Senate Banking Committee blasted the Consumer Financial Protection Bureau on Thursday over its recent settlement with a debt collector accused of using false threats and other deceptive tactics to make debtors pay up, saying the agency had "no legal basis" to order restitution only for consumers who had complained.

The CFPB's settlement last month with the Illinois-based Asset Recovery Associates Inc. included a requirement for restitution to be paid to those consumers "who complained about a false threat or misrepresentation" by the company during the timeframe covered by the case, a provision that the agency said...

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