As the Blog of the Legal Times explains:
Continuing its crackdown on companies that provide debt settlement
services, the Consumer Financial Protection Bureau today announced that a
payment processing company will pay $1.376 million to settle
allegations that it collected illegal up-front fees from consumers. The CFPB said Tacoma, Wash.-based Meracord LLC helped debt-relief
service providers including lawyers wrongly take millions in fees from
more than 11,000 consumers who enrolled in payment programs to reduce or
eliminate their debts.
Read the agency's complaint and press release.
