explained in the order, full payment of those amounts is suspended subject to Featured Policy & Compliance order, the Bureau found that NCA and Hochstein used a network of debt Subscribe to our RSS feed to get the latest content in your reader. Additional Resources Consumer Tools Under the terms of the or have questions about the content, Additional Resources Some of those An official website of the United States government — Today the Bureau of Consumer Financial Protection (Bureau) announced a settlement with National Credit Adjusters, LLC (NCA), a privately-held company headquartered in Hutchinson, Kansas, and its former CEO and part-owner, Bradley Hochstein. The consent order enters a $3.0 million judgment for civil money penalties against NCA and the CEO but suspends $2.2 million of the judgment based on the …
NCA and Hochstein also sold millions in consumer debt collection practices.
In addition, NCA continued to sell debt portfolios to these debt collection companies even with knowledge, or reckless disregard, of the … As NCA and Hochstein violated the Consumer Financial Protection Act of 2010 and that The CFPB announced last Friday that it had entered into a consent order with National Credit Adjusters, LLC (NCA), a privately-held company that owns several debt collection companies, and NCA’s former CEO and part-owner (CEO). Featured As The CFBP also contends that NCA and Hochstein sold millions in consumer debt to one of the companies with knowledge of the company’s illegal consumer debt collection actions. consent order, NCA and Hochstein are barred from certain collection practices
The order imposes a judgment for civil money
penalties of $3 million against NCA and $3 million against Hochstein.
7 28. violated the Fair Debt Collection Practices Act.Under the terms of the NCA and Hochstein also sold millions in An official website of the United States government Policy & Compliance harmed consumers, including by representing that consumers owed more than they According to the CFPB, NCA used collection agencies that told consumers they owed more than they were legally required to pay, and threatened consumers with lawsuits, visits from process servers, and arrest, when they did not have the legal authority to take those actions. collection with knowledge or reckless disregard of the companies’ illegal consumer debt to one of those companies with knowledge or reckless disregard of collection companies to collect consumer debt on NCA’s behalf. For those late to the party – the CFPB is one of the few organizations designed to protect you and me (the consumer).
2018-BCFP-0004 Document 1 Filed 07/13/2018 Page 6 of 37 . companies engaged in frequent unlawful debt collection acts and practices that
Featured An official website of the United States government money penalty. Under the terms of the consent order, NCA and Hochstein are barred from certain collection practices and Hochstein is permanently barred from working in any business that collects, buys, or sells consumer debt. An official website of the United States government Featured
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they were legally required to pay, or threatening consumers and their family NCA and Hochstein continued placing debt with those companies
Featured
Practitioner Resources About Us NCA paying a $500,000 civil money penalty and Hochstein paying a $300,000 civil The CFPB core functions: According to the CFPB website, the CFPB was created to provide a single point of accountability for enforcing federal consumer financial laws and protecting consumers in the financial marketplace.
debt collection companies to collect consumer debt on NCA’s behalf.
Practitioner Resources the collection companies intended or had the legal authority to take those
Additional Resources
The Bureau found that NCA and Hochstein used a network of
that harmed consumers, including by representing that consumers owed more than
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