FCO Holding, Inc., Fair Collections & Outsourcing, Inc., Fair Collections & Outsourcing of New England, Inc., FCO Worldwide, Inc. and Michael E. Sobota

2019 Community Banks / Credit Unions

CFPB Consumer Financial Violation

Penalty

$850,000

Outcome

FCO Holding, Inc., Fair Collections & Outsourcing, Inc., Fair Collections & Outsourcing of New England, Inc., FCO Worldwide, Inc. and Michael E. Sobota was subject to a $850,000 enforcement action by the Consumer Financial Protection Bureau (CFPB).

Details

FCO Holding, Inc., Fair Collections & Outsourcing, Inc., Fair Collections & Outsourcing of New England, Inc., FCO Worldwide, Inc. and Michael E. Sobota — $850,000 CFPB Enforcement

Outcome: FCO Holding, Inc., Fair Collections & Outsourcing, Inc., Fair Collections & Outsourcing of New England, Inc., FCO Worldwide, Inc. and Michael E. Sobota was subject to a $850,000 enforcement action by the Consumer Financial Protection Bureau (CFPB).

Action Type: enforcement-action

How Crucible Prevents This

Crucible's continuous compliance monitoring would have flagged the regulatory gaps that led to this CFPB enforcement action — through automated regulatory adherence checks, BSA/AML monitoring, consumer protection compliance tracking, and corrective action plan enforcement — preventing the violations before they triggered federal action.

Source: CFPB Enforcement Actions — FCO Holding, Inc., Fair Collections & Outsourcing, Inc., Fair Collections & Outsourcing of New England, Inc., FCO Worldwide, Inc. and Michael E. Sobota

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