The CFPB vs. Weltman, Weinberg & Reis: How Weltman Won

In September 2014, the Consumer Financial Protection Bureau (CFPB) initiated a Civil Investigative Demand (CID) against Weltman, Weinberg & Reis Co., LPA, a nationally-recognized, full-service creditors’ rights law firm based in Cleveland, Ohio. Weltman cooperated fully, and produced all of the documentation requested by the CFPB. After Weltman’s refusal to be strong-armed into a consent order, the CFPB sued them in April 2017. The lawsuit, which included a four-day trial in May 2018, concluded with Judge Nugent ruling on Weltman’s behalf.

As a result of the evidence presented during the trial, Judge Donald C. Nugent found that there was no evidence that any consumer was harmed, Weltman’s demands letters were truthful, and Weltman’s attorneys were meaningfully and substantial involved in the debt collection process. “The Judge’s Opinion thoroughly vindicates Weltman’s processes and is a complete rejection of the CFPB’s unfounded allegations. Today’s Court Opinion is an affirmation of the confidence our law firm has maintained throughout the past three-and-a-half years in our operations and our employees,” said Scott Weltman, Managing Partner at Weltman, Weinberg & Reis Co., LPA.

Recently, Scott sat down with Mike Ginsberg, President & CEO of Kaulkin Ginsberg Company, to discuss why the case went to court, how Weltman won, and what Scott wants the marketplace to know in a 30-minute podcast, available exclusively to Members of KG Prime.

To listen to this podcast, log in to KG Prime, Kaulkin Ginsberg’s members-only, comprehensive strategic information portal for accounts receivable management professionals, or request a company code today!

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