news.cuna.org/articles/106701-news-of-the-competition

News of the Competition

July 10, 2015

WASHINGTON (7/10/15)--For selling damaged credit card debt and illegally robo-signing court documents, the Consumer Financial Protection Bureau (CFPB) and attorneys general from 47 states and the District of Columbia have taken legal action against JPMorgan Chase. Chase was found to have sold “zombie debt” to third-party debt buyers that were either inaccurate, settled, discharged in bankruptcy, not owed or otherwise not collectible. As a result, Chase will pay more than $50 million in consumer refunds, $136 million in penalties and payments to the CFPB and states, and a $30 million penalty to the Office of the Comptroller of the Currency. Chase also has been ordered to stop all attempts to collect, enforce in court, or sell more than 528,000 consumer accounts. “We will continue to be vigilant in taking action against deceptive debt sales and collections practices that exploit consumers,” said Richard Cordray, CFPB director, in a release ...