Processors Sued As ‘Choke Point’ Echoes Rattle Industry

A U.S. federal enforcement lawsuit against four payment processors caught in a dragnet targeting bogus debt collectors has sent shockwaves through the industry.

The Consumer Financial Protection Bureau (CFPB) filed the case on Wednesday against leaders of a fraudulent debt collection group for “threatening and misleading consumers”.

The payment processors and a telemarketing company providing a platform for the illegal activity were seen as a major component of the operation and included in the action.

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