Breaking News! Midland Funding Sued by Consumer Financial Protection Bureau | Summary and Q&A

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September 9, 2020
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Consumer Warrior
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Breaking News! Midland Funding Sued by Consumer Financial Protection Bureau

TL;DR

The Consumer Financial Protection Bureau has filed a lawsuit against Midland Funding for allegedly violating a consent order by suing consumers without documentation and not providing required disclosures.

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Key Insights

  • ๐Ÿ’ The Consumer Financial Protection Bureau filed a lawsuit against Midland Funding for allegedly violating a consent order and engaging in improper debt collection practices.
  • โ“ Midland Funding is accused of suing consumers without proper documentation and not providing required disclosures.
  • ๐Ÿ The lawsuit highlights significant monetary penalties and fines imposed on Midland Funding in the past, indicating a pattern of alleged misconduct.
  • ๐Ÿฅน This legal action demonstrates the continued efforts of the CFPB to regulate and hold debt collection companies accountable.
  • ๐Ÿ™‚ The lawsuit can be used to strengthen the defense of individuals facing lawsuits from Midland Funding by shedding light on the company's alleged practices.
  • ๐ŸŒ Midland Funding is the largest debt buyer in the nation with annual revenues exceeding $1 billion.
  • ๐Ÿคจ The lawsuit raises questions about the effectiveness of previous consent orders and the need for stronger regulation in the debt collection industry.

Transcript

  • Hey everybody. This is John Skiba, and I have some breaking news about Midland Funding, the Consumer Financial Protection Bureau, and a whole heap of mess that Midland Funding is finding themselves in today. But first, if this is your first time hearing on my YouTube channel. Go ahead and click subscribe that way you can get information and updat... Read More

Questions & Answers

Q: What is the background of the Consumer Financial Protection Bureau and how did it come about?

The Consumer Financial Protection Bureau (CFPB) is a federal agency that governs consumer-related issues. It was created under the Obama administration with Senator Elizabeth Warren spearheading its establishment. It has faced controversy and changes under the Trump administration.

Q: What is the lawsuit against Midland Funding based on?

The lawsuit alleges that Midland Funding violated a consent order from 2015 by engaging in improper debt collection practices. This includes suing consumers without proper documentation, not providing required disclosures, and suing people on time-barred debts.

Q: What penalties did Midland Funding face in the 2015 consent order?

Under the 2015 consent order, Midland Funding faced significant penalties and fines, including a multi-million dollar penalty and the agreement to not sue people when the statute of limitations has expired. They were also required to provide documentation to verify alleged debts.

Q: How does this lawsuit potentially impact consumers facing lawsuits from Midland Funding?

The lawsuit can be used as evidence in discovery and trial proceedings for individuals currently facing lawsuits from Midland Funding. It shows a history of alleged improper practices and can support claims of statute of limitations violations and lack of required disclosures.

Summary & Key Takeaways

  • The Consumer Financial Protection Bureau has sued Midland Funding for allegedly violating a consent order from 2015 by engaging in improper debt collection practices.

  • Midland Funding is accused of suing consumers without possessing the required documentation and not providing the necessary disclosures as mandated by the CFPB.

  • The lawsuit claims that Midland Funding collected over $300 million through legal collections without providing the required disclosures and also sued people on time-barred debts.

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