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CFPB warns payment processors in chokepoint enforcement
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Case Law, Consumer Protection, Nonbank Financial
Friday, April 10, 2015
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The Consumer Financial Protection Bureau issued an enforcement action against debt collection companies that it alleges broke laws by allegedly using threats, intimidation and harassment to collect phantom debts. But the big news revolves around what it says payment processors and a telemarking company knew, or should have known, to prevent the fraud. Read on to see what the CFPB expects of all parties in a transaction to prevent fraud and consumer harm.
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