Free Webinar: CDD/Beneficial Ownership — One Year Out
Thursday, May 11th - 1:00 PM CT
We're almost one year out from the new Customer Due Diligence (CDD) rule's deadline. Join us as we discuss all things CDD, including policies, procedures and training. We will help you prepare and discuss what steps your core, new account platform and AML software vendors are taking now to ensure you're compliant by May 2018. (Register here.)
CFPB penalizes two Oklahoma debt collection firms
The Consumer Financial Protection Bureau (CFPB) has taken action against two medical debt collection law firms and their president for falsely representing that letters and calls were from attorneys attempting to collect on a debt when no attorney had yet reviewed the account. The law firms also did not ensure the accuracy of the consumer information they furnished to credit reporting companies and used improperly notarized affidavits in lawsuits filed against consumers. The practices affected thousands of individuals. The CFPB is ordering Works and Lentz, Inc. (Oklahoma City), Works and Lentz of Tulsa, Inc., and their president, Harry A. Lentz, Jr., to provide $577,135 in relief to harmed consumers, correct their business practices, and pay a $78,800 penalty. For more information, see "OK law firms and president pay $78.8K for debt collection practices."