CFPB And Settleit Propose Settlement Order

The CFPB has announced an action against SettleIt, Inc., a California-based online debt-settlement company, for taking advantage of consumers, failing to disclose its relationship to certain creditors, and steering consumers into high-cost loans offered by affiliated lenders. The Bureau has filed a federal court complaint alleging that SettleIt, Inc. engaged in abusive acts or practices under the Consumer Financial Protection Act of 2010 and violated the Telemarketing Sales Rule.