BCFP Announces Settlement With Installment Loan Companies

Installment lender and subsidiaries fined for alleged violations of Consumer Financial Protection Act and FCRA.

6/14/2018 1:00 PM

GovernmentNewsCFPB
BCFP Announces Settlement With Installment Loan Companies

The Bureau of Consumer Financial Protection and Security Group Inc., a provider of installment loans, reached a settlement Wednesday after the company allegedly conducted improper debt collection and credit reporting practices.

Security Group Inc. and its subsidiaries agreed to pay a $5 million civil penalty and correct certain inaccurate information about consumers they provided to credit reporting agencies, according to a news release from the bureau. The companies are also barred from certain collection practices.

They reportedly violated the Consumer Financial Protection Act and Fair Credit Reporting Act.

In a statement, Security Group “noted it didn't admit to any of the bureau's claims and said it disagrees with the allegations and ‘strongly disputes any wrongdoing,’” MarketWatch reports. This is the second enforcement action under Acting Director Mick Mulvaney’s leadership, according to the article.

Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse. Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training website to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.

Subscribe to ACA Daily NEWSROOM

Loading...

Loading...


.