CFPB Settlement Would Reduce $3.8M Sanction To Just $22K

Law360 (July 9, 2020, 10:43 PM EDT) -- The Consumer Financial Protection Bureau has asked a federal court to sign off on a settlement with a student loan debt-relief company that would see a proposed $3.8 million sanction reduced to just $22,000 if the defunct company and its principals can pay that amount in 10 days.

Florida-based Timemark Inc. earned the millions in fees for federal student debt-related services performed for clients over about four years, but the firm breached the telemarketing regulations by collecting the fees before doing any substantial work, the CFPB said in a statement Wednesday.

The company marketed its debt-relief services nationwide using its websites...

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