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U.S. brings charges in first criminal case for consumer agency

Federal authorities announced fraud charges against a debt settlement company on Tuesday, in the first criminal case based on work by the new Consumer Financial Protection Bureau.A newly unsealed indictment filed in District Court in Manhattan charged Mission Settlement Agency and four individuals with mail and wire fraud over a scheme that prosecutors said victimized more than 1,200 people across the United States.Manhattan Attorney Preet Bharara suggested the case would not be the only one arising out of ongoing investigations related to the debt settlement industry. Based on the results so far, "our concern is that predatory practices pervade the industry," he said.Prosecutors called the case the first criminal referral from the CFPB, an agency established after passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010.Richard Cordray, the agency's director, said at a news conference in New York that there are other instances of the CFPB referring cases to fed...

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  1. Senate Panel Approves SEC Nominee

    A U.S. Senate panel on Tuesday voted 21 to 1 in favor of Mary Jo White to lead the U.S. Securities and Exchange Commission, moving her nomination to the full Senate ...

  2. Banking Committee OKs White, Cordray For SEC, CFPB

    The Senate Banking Committee on Tuesday voted almost unanimously to approve Mary Jo White, a high-profile former U.S. attorney who supervised the prosecution of mob ...

  3. SEC nominee White says her legal work no barrier to job

    Mary Jo White, President Barack Obama's choice to lead the U.S. Securities and Exchange Commission, told lawmakers considering her candidacy that her past legal work...

  4. SEC nominee White to tackle questions on her work for NFL, banks

    Mary Jo White will likely face questions about her work for big Wall Street clients when senators on Tuesday consider her nomination to head the Securities and Excha...

  5. States probing top U.S. banks over debt collection

    The largest U.S. banks face a multi-state investigation into whether they helped debt collectors pursue faulty judgments against credit card customers, according to ...

  6. Senate Panel To Consider White For SEC On March 12

    The Senate Banking Committee plans to hold a hearing March 12 on the nomination of former U.S. Attorney Mary Jo White to head the Securities and Exchange Commission....

  7. Banks May Be Sued for Discriminatory Auto Loans

    In a potential new front in the legal battle over bank conduct, consumer protection regulators are reportedly exploring lawsuits against at least four lenders over a...

  8. Consumer watchdog warns mortgage servicers on transfers

    The consumer financial watchdog on Monday warned mortgage servicers that they must extend legal protections to customers when transferring their loans to another com...

  9. Top financial regulators to appear before Senate committee

    Officials responsible for overseeing Wall Street will update lawmakers next week on their progress implementing the 2010 Dodd-Frank financial oversight law, a U.S. S...

  10. CFPB Seeking More Details on College Banking Products

    The country's top consumer-finance watchdog said Thursday it wants more details on the marketing deals between banks and colleges designed to sell financial products...

  11. White House: Court Ruling Doesn't Apply To Cordray

    A federal appeals court's invalidation of President Barack Obama's January 2012 "recess" appointments to the National Labor Relations Board does not apply to Obama's...

  12. Obama Taps Former Federal Prosecutor to Head SEC

    President Barack Obama on Thursday nominated former federal prosecutor Mary Jo White to head the Securities and Exchange Commission, picking a tough enforcement hand...

  1. CFPB Changes Stay-at-Home Spouse Rule

    The federal government's consumer watchdog has changed a regulation to make it easier for stay-at-home parents and others who don't work to be approved for new credi...

  2. U.S. consumer bureau tweaks credit card rule for at-home parents

    The consumer bureau said on Monday it tweaked its rules to fix part of a 2009 law that lawmakers and industry groups said kept some stay-at-home parents from getting...

  3. Consumer Bureau: Payday Loans a Trap

    The U.S. consumer watchdog said high-cost, short-term loans often trap borrowers in a cycle of debt, warning in a report on Wednesday that new rules could be on the ...

  4. Financial advisers' credentials mislead seniors, watchdog says

    The consumer watchdog on Thursday called for tougher oversight of the credentials that financial advisers use to show they are trained to work with older Americans.T...

  5. Mortgage insurers, regulator settle over alleged kickbacks

    Four mortgage insurers agreed to pay about $15 million to settle claims that they paid kickbacks to mortgage lenders in exchange for business, the consumer watchdog ...

  6. U.S. Consumer Bureau Hits Four Mortgage Insurers With $15 Million Penalty

    A U.S. regulator on Thursday fined the main companies in the U.S. mortgage insurance business a combined $15.4 million in penalties, accusing them of paying illegal ...

  7. Reid Aims For Cordray , White Votes After Easter

    Senate Majority Leader Harry Reid on Tuesday said he would arrange floor votes on President Barack Obama's nominees to run the Securities and Exchange Commission and...

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