Legalfinancial Regulation News

"CFPB and Seven State Attorneys General Sue Strategic Financial Solutions for Illegally Swindling $100 Million from Financially Struggling Families"

The Consumer Financial Protection Bureau (CFPB) and seven state attorneys general have filed a lawsuit against Strategic Financial Solutions (SFS) and its executives for allegedly running an illegal debt-relief enterprise that swindled over $100 million from financially struggling consumers. The lawsuit alleges that SFS charged illegal advance fees and falsely claimed that lawyers would provide debt relief, while providing little to no actual debt-relief services. The CFPB seeks to stop SFS's alleged unlawful conduct, require restitution for harmed consumers, and impose a civil money penalty.