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2019-BCFP-0009Document 1Filed 08/28/2019Page 1 of 28
2019-BCFP-0009Document 1Filed 08/28/2019Page 2 of 28Debt Collection Practices Act (FDCPA), 15 U.S.C. § l 692e. Under§§ 1053and 1055 of the CFPA, 12 U.S.C. §§ 5563, 5565, the Bureau issues this ConsentOrder (Consent Order).I.JurisdictionI.The Bureau has jurisdiction over this matter under §§ 1053 and 1055 of theCFPA, 12 U.S.C. §§ 5563, 5565, and§ 814(b) of the FDCPA, 15 U.S.C.§ 1692/(b).II.Stipulation2.Respondent has executed a "Stipulation and Consent to the Issuance of aConsent Order," dated August 15, 2019 (Stipulation}, which is incorporatedby reference and is accepted by the Bureau. By this Stipulation, Respondenthas consented to the issuance of this Consent Order by the Bureau under§§ 1053 and 1055 of the CFPA, 12 U.S.C. §§ 5563, 5565, without admittingor denying any of the findings of fact or conclusions of law, except thatRespondent admits the facts necessary to establish the Bureau's jurisdictionover Respondent and the subject matter of this action.2
2019-BCFP-0009Document 1Filed 08/28/2019Page 3 of 28III.Definitions3.The following definitions apply to this Consent Order:a.'"Affected Consumers" means consumers who complained about afalse threat or misrepresentation by Respondent described in SectionIV of the Consent Order between January l, 2015 and the EffectiveDate.b."Effective Date" means the date on which the Consent Order isissued.c."Enforcement Director" means the Assistant Director of the Office ofEnforcement for the Bureau of Consumer Financial Protection, or hisor her delegate.d."Related Consumer Action" means a private action by or on behalf ofone or more consumers or an enforcement action by anothergovernmental agency brought against Respondent that is based onsubstantially the same facts as those described in Section IV of thisConsent Order.e."Relevant Period" includes from January I, 2015 to the EffectiveDate.3
2019-BCFP-0009f.Document 1Filed 08/28/2019Page 4 of 28"Respondent" means Financial Credit Service, Inc., including AssetRecovery Associates, ARA, Inc., and its successors and assigns.IV.Bureau Findings and ConclusionsThe Bureau finds the following:4.Respondent is headquartered in Lombard, Illinois and is a "debt collector"under the FDCPA. 12 U.S.C. § 1692a(6).5.Respondent is a "covered person" under 12 U.S.C. § 5481(6).6.Respondent purchases defaulted debt, primarily from bank and retail creditcards, and collects on these accounts by sending collection letters andmaking collection calls.7.In collecting and attempting to collect debts from consumers. Respondenthas represented to consumers that, if consumers do not pay, Respondentwould:a.file lawsuits or take other legal action against them;b.cause them to be arrested;c.file liens against their houses;d.have their bank accounts or wages garnished; ande.cause their credit scores to be negatively affected.4
2019-BCFP-00098.Document 1Filed 08/28/2019Page 5 of 28Respondent also has represented to consumers that Respondent employsattorneys to collect debts.9.Respondent does not take any legal action to collect on debt, whether byfiling lawsuits, or by taking any action to put liens on consumers' houses, orby garnishing consumers· bank accounts or wages.l 0.Respondent does not take any action to cause consumers to be arrested.I I.Respondent does not engage in any credit reporting to any consumerreporting agencies about any consumer accounts.12.Respondent does not refer any accounts to lawyers or to any other entitiesfor collection or legal action.13.Respondent does not employ any attorneys to collect debts or to take legalaction against debtors.Findings and Conclusions as toDeceptive Acts and Practices in Violation of the CFPA14.Since at least January 1. 2015, in collecting and attempting to collect debtsfrom consumers, Respondent has:a.threatened consumers with legal action- including threats to filelawsuits against consumers, file liens on consumers' houses, garnishconsumers' bank accounts or wages, and cause consumers to bearrested- all actions that Respondent has no intention of taking;5
2019-BCFP-0009b.Document 1Filed 08/28/2019Page 6 of 28represented to consumers that company employees are attorneys whenRespondent does not employ attorneys; andc.threatened that consumers' credit reports will be negatively affectedwhen Respondent does not engage in any credit reporting to anyconsumer reporting agencies about any consumer accounts.I 5.Section I 036(a)(l )(B) of the CFPA prohibits covered persons from engagingin deceptive acts or practices. 12 U.S.C. § 5536(a)(l )(8). An act or practiceis deceptive if it misleads or is likely to mislead the consumer; theconsumer's interpretation is reasonable under the circumstances; and themisleading act or practice is material.16.Respondent's representations described in Paragraph 14 are likely to misleadconsumers acting reasonably under the circumstances and are materialbecause they are likely to affect consumers' decisions about whether, how,and when to make payments to Respondent and how to prioritize competingfinancial commitments.17.Thus, Respondent's representations constitute deceptive acts or practices inviolation of§§ 103l(a) and 1036(a)(l )(8) of the CFPA, 12 U.S.C.§§ 553l(a), 5536(a)(l)(B).6
2019-BCFP-0009Document 1Filed 08/28/2019Page 7 of 28Findings and Conclusions as to False, Deceptive,and Misleading Representations in Violation of the FDCPA18.As described in Paragraph 14, Respondent has misrepresented that itemploys attorneys for debt collection and that, if consumers do not pay,Respondent will cause them to be arrested, file liens against their houses,have their bank accounts or wages garnished, file lawsuits or take other legalaction against them, and take steps to negatively impact their credit reports.19.Section 807 of the FDCPA, 15 U.S.C. § 1692e, prohibits debt collectorsfrom using any false, deceptive, or misleading representation or means inconnection with the collection of any debt.20.Section 807(3) of the FDCPA, 15 U.S.C. § 1692e(3), expressly prohibitsdebt collectors from making the false representation or implication that anyindividual is an attorney or that any communication is from an attorney.21.Section 807(4) of the FDCPA, 15 U.S.C. § 1692e(4), expressly prohibitsdebt collectors from representing that nonpayment of any debt will result inarrest or imprisonment of any person or the seizure, garnishment,attachment, or sale of any property or wages unless such action is lawful andthe debt collector intends to take such action.7
2019-BCFP-000922.Document 1Filed 08/28/2019Page 8 of 28Section 807(5) of the FDCPA, I 5 U.S.C. § 1692e(5), expressly prohibitsdebt collectors from threatening to take any action that cannot legally betaken or is not intended to be taken.23.Section 807(10) of the FDCPA, 15 U.S.C. § 1692e(I0), further prohibitsdebt collectors from using false representations or deceptive means to collector attempt to collect any debt.24.Respondent's representations described in Paragraph 14 are false andmisleading and constitute deceptive practices in violation of§§ 807, 807(35), and 807(10) of the FDCPA, 15 U.S.C. §§ 1692e, 1692e(3-5), 1692e(I0).V.Conduct ProvisionsIT IS ORDERED, under§§ 1053 and 1055 of the CFPA, that:25.Respondent, and its officers, agents, servants, employees, and attorneys whohave actual notice of this Consent Order, whether acting directly orindirectly, in connection with the collection of any consumer debt, may notmisrepresent, or assist others in misrepresenting, expressly or impliedly:a.that they will take any actions that they do not intend to take or havethe ability to take;b.that they will file lawsuits against consumers;c.that they will cause consumers to be arrested;8
2019-BCFP-0009Document 1Filed 08/28/2019Page 9 of 28d.that they will file liens against consumers' houses;e.that they will cause consumers' bank accounts or wages to begarnished;f.that consumers' credit reports will be negatively affected if they donot make a payment to Respondent;g.that Respondent employs attorneys for debt collection;h.that any non-attorney employee of Respondent is an attorney; and1.any other fact material to consumers concerning the collection of anydebt, including any false threats of legal action or othermisrepresentations regarding the consequence of paying or not payinga debt.26.Beginning within 90 days of the Effective Date, Respondent must record allincoming and outgoing calls with consumers and retain those recordings forthe duration of this Consent Order.VI.Compliance PlanIT IS FURTHER ORDERED that:27.Within 45 days of the Effective Date, Respondent must submit to theEnforcement Director for review and determination of non-objection acomprehensive compliance plan designed to ensure d1at Respondent's debt9
2019-BCFP-0009Document 1Filed 08/28/2019Page 10 of 28collection complies with all applicable Federal consumer financial laws andthe terms of this Consent Order (Compliance Plan). The Compliance Planmust include, at a minimum:a.detailed steps for addressing each action required by this ConsentOrder; andb.specific timeframes and deadlines for implementation of the stepsdescribed above.28.The Enforcement Director will have the discretion to make a determinationof non-objection to the Compliance Plan or direct Respondent to revise it. Ifthe Enforcement Director directs Respondent to revise the Compliance Plan,Respondent must make the revisions and resubmit the Compliance Plan tothe Enforcement Director within 15 days.29.After receiving notification that the Enforcement Director has made adetermination of non-objection to the Compliance Plan, Respondent mustimplement and adhere to the steps, recommendations, deadlines, andtimeframes outlined in the Compliance Plan.lO
2019-BCFP-0009Document 1Filed 08/28/2019Page 11 of 28VII.Order to ay RedressIT IS FURTHER ORDERED that:30.Within 10 days of the Effective Date, Respondent must reserve or depositinto a segregated deposit account 36,878.81 (Payment Floor), for thepurpose of providing redress to Affected Consumers as required by thisSection.31.Within 30 days of the Effective Date, Respondent must submit to theEnforcement Director for review and non-objection a comprehensivewritten plan for providing redress consistent with this Consent Order(Redress Plan). If Respondent has provided redress to AffectedConsumers prior to the Effective Date, Respondent must provideappropriate documentation of such redress to the Enforcement Directorconcurrent with the Redress Plan. The Enforcement Director will have thediscretion to make a determination of non-objection to the Redress Planor direct the Respondent to revise it. If the Enforcement Director directsthe Respondent to revise the Redress Plan, the Respondent must make therevisions and resubmit the Redress Plan to the Enforcement Directorwithin 14 days. After receiving notification that the Enforcement Directorhas made a determination of non-objection to the Redress Plan, the11
2019-BCFP-0009Document 1Filed 08/28/2019Page 12 of 28Respondent must implement and adhere to the steps, recommendations,deadlines, and timeframes outlined in the Redress Plan.32.The Redress Plan must apply to all Affected Consumers and:a.Specify how Respondent will identify all Affected Consumers;b.Include a description of the following:1.11.Methods used to compile a list of potential Affected Consumers;Methods used to calculate the amount of redress to be paid to eachAffected Consumer;m. Procedures for issuance and tracking of redress to AffectedConsumers; and1v. Procedures for monitoring compliance with the Redress Plan.33.The Redress Plan must, at a minimum, require Respondent to provide arefund of all money paid by Affected Consumers to Respondent.34.The Redress Plan must describe the process for providing restitution toAffected Consumers. and must include the following requirements:a.Respondent must mail a certified or bank check to each AffectedConsumer along with a Restitution Notification Letter;b.Respondent must send the certified or bank check by United StatesPostal Service first-class mail, address correction service requested, to12
2019-BCFP-0009Document 1Filed 08/28/2019Page 13 of 28the Affected Consumer's last known address as maintained by theRespondent's records;c.Respondent must make reasonable attempts to obtain a currentaddress for any Affected Consumer whose restitution check isreturned for any reason, using the National Change of AddressSystem, and must promptly re-mail all returned restitution checks tocurrent addresses, if any; andd.35.Processes for handling any unclaimed funds.With respect to the redress paid to Affected Consumers, the Redress Planmust include:a.The form of the letter (Restitution Notification Letter) to be sentnotifying Affected Consumers of the redress; andb.The form of the envelope that will contain the Restitution NotificationLetter. The letter must include a statement that the payment is made inaccordance with the terms of this Consent Order and languageexplaining the manner in which the amount of redress was calculated.c.Respondent must not include in any envelope containing a RestitutionNotification Letter any materials other than the approved letters andredress checks, unless Respondent has obtained written confirmationJ3
2019-BCFP-0009Document 1Filed 08/28/2019Page 14 of 28from the Enforcement Director that the Bureau does not object to theinclusion of such additional materials.36.Within 90 days of completing the Redress Plan, Respondent must submita Redress Plan report to the Enforcement Director, which must include:a. The procedures used to issue and track redress payments; andb. The amount, status, and planned disposition of all unclaimed redresspayments.3 7.After completing the Redress Plan, if the total amount of redress providedto Affected Consumers is less than the Payment Floor, then, within 30days of completion of the Redress Plan, Respondent must pay to theBureau, by wire transfer to the Bureau or to the Bureau's agent, andaccording to the Bureau's wiring instructions, the difference between theamount of redress provided to Affected Consumers and the PaymentFloor.38.The Bureau may use these remaining funds to pay additional redress toAffected Consumers. If the Bureau determines, in its sole discretion, thatadditional redress is wholly or partially impracticable or otherwiseinappropriate, or if funds remain after the additional redress is completed,the Bureau will deposit any remaining funds in the U.S. Treasury as14
2019-BCFP-0009Document 1Filed 08/28/2019Page 15 of 28disgorgement. Respondent will have no right to challenge any actions thatthe Bureau or its representatives may take under this Section.39.Respondent may not condition the payment of any redress to any AffectedConsumer under this Consent Order on that Affected Consumer waivingany right.VIII.Order to Pay Civil Money PenaltiesIT IS FURTHER ORDERED that:40.Under§ 1055(c) of the CFPA, 12 U.S.C. § 5565(c), by reason of theviolations of law described in Section IV of this Consent Order, and takinginto account the factors in 12 U.S.C. § 5565(c)(3), Respondent must pay acivil money penalty of 200,000 to the Bureau.41.Within 10 days of the Effective Date, Respondent must pay 50,000 by wiretransfer to the Bureau or to the Bureau's agent in compliance with theBureau's wiring instructions, and make a subsequent payment of 150,000within 90 days of the Effective Date, by wire transfer to the Bureau or to theBureau's agent, and according to the Bureau's wiring instructions, in fullsatisfaction of the civil money penalty as ordered in Paragraph 40 of thisSection.)5
2019-BCFP-000942.Document 1Filed 08/28/2019Page 16 of 28The civil money penalty paid under this Consent Order will be deposited inthe Civil Penalty Fund of the Bureau as required by§ 1017(d) of the CFPA,12 U.S.C. § 5497(d).43.Respondent must treat the civil money penalty paid under this ConsentOrder as a penalty paid to the government for all purposes. Regardless ofhow the Bureau ultimately uses those funds, Respondent may not:a.Claim, assert, or apply for a tax deduction, tax credit, or any other taxbenefit for any civil money penalty paid under this Consent Order; orb.Seek or accept, directly or indirectly, reimbursement orindemnification from any source, including but not limited to paymentmade under any insurance policy, with regard to any civil moneypenalty paid under this Consent Order.44.To preserve the deterrent effect of the civil money penalty in any RelatedConsumer Action, Respondent may not argue that Respondent is entitled to,nor may Respondent benefit by, any offset or reduction of any compensatorymonetary remedies imposed in a Related Consumer Action because of thecivil money penalty paid in this action or because of any payment that theBureau makes from the Civil Penalty Fund. If the court in any RelatedConsumer Action offsets or otherwise reduces the amount of compensatorymonetary remedies imposed against Respondent based on the civil money16
2019-BCFP-0009Document 1Filed 08/28/2019Page 17 of 28penalty paid in this action or based on any payment that the Bureau makesfrom the Civil Penalty Fund, Respondent must, within 30 days after entry ofa final order granting such offset or reduction, notify the Bureau, and pay theamount of the offset or reduction to the U.S. Treasury. Such a payment willnot be considered an additional civil money penalty and will not change theamount of the civil money penalty imposed in this action.IX.Additional Monetary ProvisionsIT IS FURTHER ORDERED that:45.In the event of any default on Respondent's obligations to make paymentunder the timelines agreed upon in this Consent Order, interest, computedunder 28 U .S.C. § 1961, as amended, will accrue on any outstandingamounts not paid from the date of default to the date of payment, and willimmediately become due and payable.46.Respondent must relinquish all dominion, control, and title to the funds paidto the fullest extent permitted by law and no part of the funds may bereturned to Respondent.47.Under 31 U.S.C. § 7701, Respondent, unless it already has done so, mustfurnish to the Bureau its taxpayer-identifying numbers, which may be used17
2019-BCFP-0009Document 1Filed 08/28/2019Page 18 of 28for purposes of collecting and reporting on any delinquent amount arisingout of this Consent Order.48.Within 30 days of the entry of a final judgment, consent order, or settlementin a Related Consumer Action, Respondent must notify the EnforcementDirector of the final judgment, consent order, or settlement in writing. Thatnotification must indicate the amount of redress, if any, that Respondent paidor is required to pay to consumers and describe the consumers or classes ofconsumers to whom that redress has been or will be paid.X.Reporting RequirementsIT IS FURTHER ORDERED that:49.Respondent must notify the Bureau of any development that may affectcompliance obligations arising under this Consent Order, including but notlimited to a dissolution, assignment, sale, merger, or other action that wouldresult in the emergence of a successor company; the creation or dissolutionof a subsidiary, parent, or affiliate that engages in any acts or practicessubject to this Consent Order; the filing of any bankruptcy or insolvencyproceeding by or against Respondent; or a change in Respondent's name oraddress. Respondent must provide this notice, if practicable, at least 30 days18
2019-BCFP-0009Document 1Filed 08/28/2019Page 19 of 28before the development, but in any case no later than I4 days after thedevelopment.50.Within 7 days of the Effective Date, Respondent must:a.designate at least one telephone number and email, physical, andpostal address as points of contact, which the Bureau may use tocommunicate with Respondent;b.identify all businesses for which Respondent is the majority owner, orthat Respondent directly or i
2019-BCFP-0009 Document 1 Filed 08/28/2019 Page 1 of 28. Debt Collection Practices Act (FDCPA), 15 U.S.C. § l 692e. Under§§ 1053 and 1055 of the CFPA, 12 U.S.C. §§ 5563, 5565, the Bureau issues this Consent Order (Consent Order). I. Jurisdiction . Consent Order," dated August 15, 2019 (Stipulation}, which is incorporated
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Central banks around the world also continued to provide extensive liquidity support to facilitate the smooth functioning of financial markets and the flow of credit to the economy. The Governing Council of the European Central Bank (ECB) reinforced its accommodative mon-etary policy stance. The interest rates on the main refinancingoperations .
Cold War: Formation of the Eastern Bloc Over a span of about four decades, countries within the Eastern Bloc would try to break free, and the Soviet Union would bring them back under control either through internal pressure, martial law or, as a last resort, military invasion.
Computer configuration is defined as the age and type of computers available for student use and whether or not Internet access is available. Computer use refers to the number of students working at each computer (e.g., alone, in pairs, in small groups), and the number of students who are computer
