CFPB fines debt-settlement companies, co-owners

The Consumer Financial Protection Bureau issued an enforcement action against debt-relief payment-processors RAM Payment and Account Management Systems for issuing illegal advance fees and failing to return funds to consumers when required to.

Bank of America docked over illegal garnishment

The Consumer Financial Protection Bureau issued an enforcement action against Bank of America for processing out-of-state garnishment orders against its customers’ bank accounts, fining the North Carolina bank $10 million.

CFPB seeks ban against debt settlement CEO

The Consumer Financial Protection Bureau is seeking a ban against a California debt company CEO over accusations of wrongful fee-charging practices and deceptive telemarketing.

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