Big Government Moves into Debt Collection – Part III

Today the CFPB once again showed they do not mess around. They fined Wells Fargo $185m for creating a half a million credit card accounts without customer authorization. Wells and the Regulators have known about this for years, and over the past couple years Wells fired over 5000 employees as a result. The $185m was the largest CFPB fine to date, and while this was not related to debt collection, it’s clear they may have just fired a shot over the bow of the debt collection industry when it comes to generating fines for bad behavior, or what they will […]

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