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Arizona to get $3.1M under JPMorgan settlement

ifreepress.com | July 15, 2015

As part of the settlement, the bank and Chase Bankcard Services will pay $136 million to 47 states, the District of Columbia and the federal Consumer Financial Protection Bureau.

Chase will pay more than $166 million in penalties to state and federal officials and $50 million in refunds to account holders. Further, the bank’s debt buyers can not resell debts purchased to other buyers.

JPMorgan’s units allegedly sold uncollectible accounts to third-party debt buyers and got judgments without following proper procedures, a practice known as robo-signing, the person familiar with the matter said.

The resale prohibition is significant.

The $1 million investment in Jersey City will assist the administration’s efforts in building a system that meets the demands of Jersey City’s business community and its workforce by analyzing the job skills needs of local employers, as well as investing in local job training programs.

The Consumer Financial Protection Bureau and 47 state attorneys general joined in the enforcement action, which says Chase systematically broke collection rules from 2009-2013. The bureau also said that Chase filed misleading lawsuits using inaccurate information to obtain debt-collection judgments – on accounts that were paid off, discharged in bankruptcy or otherwise uncollectable. As a result, the company has also agreed to reform its credit card debt collection practices.

“In doing so, Chase systematically failed to prepare, review, and execute truthful statements as required by law”, the CFPB said.

Its Attorney General’s spokesperson said that the case is still pending. These practices caused consumers to pay for false or incorrect debt and incur legal expenses and court fees to defend against invalid or excessive claims.

The settlement includes that Chase make reforms in its internal collection practices and when selling debts to licensed debt buyers. Notification of the affected borrowers will take place by Chase, who will also request that the credit reporting agencies don’t report the judgments. Thirty Hawai’i consumers have already been issued restitution payment checks of $26,000 each. Numerous debt buyers then began hounding consumers in an attempt to collect the non-existent debts.

As part of the deal, Chase agreed to enact safeguards to help ensure debt information is accurate and to provide additional information to consumers, DeWine said.

Public filings by the nation’s largest bank have said it has been responding to “formal and informal inquiries from various state and federal regulators regarding practices involving credit card collections litigation… the sale of consumer credit card debt and securities backed by credit card receivables”. Organizations across the state will receive funds to help educate consumers. The Attorney General of California, Kamala Harris, has sued the company for engaging itself in the unlawful and fraudulent method of debt collection.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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