Thursday, 16 July 2015

JPMorgan to Pay $166 Million Over Debt-Collection Abuses

From GARP –

“JPMorgan Chase & Co. will pay $166 million and change credit-card collection practices after regulators found that the bank used abusive tactics to collect debts, the Consumer Financial Protection Bureau said on Wednesday.

The company agreed to resolve claims that its Chase Bank USA and Chase Bankcard Services Inc. units pursued the wrong borrowers, sought incorrect amounts or so-called zombie debt that was too old, or relied on documents with improper signatures, according to a CFPB statement.

Of the penalties, $136 million settles claims brought by the Consumer Bureau, 47 states and the District of Columbia. The Office of the Comptroller of the Currency imposed a $30 million penalty in a related action, CFPB said.”

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