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CFPB Hits Payment Processor Over Illegal Debt-Collection Fees

AUG 25, 2014 3:59pm ET

WASHINGTON -Global Client Solutions, a large payment processor, has agreed to pay $7 million to settle charges by the Consumer Financial Protection Bureau that it illegally collected upfront fees from consumers on behalf of debt-settlement companies.

The order issued Monday alleges that Global Client Solutions in Oklahoma collected "millions of dollars" in upfront fees from consumers for hundreds of debt settlement companies nationwide. Global Client Solutions and its two owners have agreed to pay $6 million…

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