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CFPB uses ‘chokepoint’ strategy in debt-relief market
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Consumer Protection
Wednesday, September 3, 2014
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The Consumer Financial Protection Bureau targeted a payment processor the agency said made it possible for debt-relief companies to collect illegal fees from consumers in violation of the Federal Trade Commission’s telemarketing sales rule. The action marks the second time the bureau has used such a chokepoint strategy to address issues in the debt-settlement market. Read on to learn what the CFPB has said about the applicability of this strategy in other consumer financial markets.
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