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Friday, June 27, 2014

CFPB Issues Enforcement Action for Deceptive Sales of Debt Protection Products

By: ABIA Outside Counsel Chrys D. Lemon and Adam D. Maarec, McIntyre & Lemon, PLLC
The Consumer Financial Protection Bureau (CFPB) and GE Capital Retail Bank reached a $228.5 million settlement for allegedly deceptive telemarketing of credit card debt protection products and the discriminatory offering of credit relief promotions. This is the fifth enforcement action by the CFPB for allegedly deceptive marketing of credit card debt protection products.
Read the full summary. 

If you have any questions, please contact Kevin McKechnie.

The ABIA has a Task Force of members that work on issues related to the CFPB's regulation of insurance products, including debt protection products. If you are an ABIA member and would like to learn more about ABIA's work with CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.