CFPB Acts to Stop Robo-signed Chase Credit Card Documents
The federal Consumer Financial Protection Bureau entered into a settlement with JPMorgan Chase for robo-signing of affidavits filed by Chase in debt-collection lawsuits.
The investigation into Chase’s collection practices stems from public revelations about robo-signing by a Chase whistleblower a few years ago. Chase signed affidavits submitted in debt-collection lawsuits without actual knowledge of whether the statements in the affidavits were true.
“Chase sold bad credit card debt and robo-signed documents in violation of law,” said CFPB Director Richard Cordray.
Under the settlement, Chase is required to stop collecting on over 500,000 accounts, pay at least $50 million in refunds to consumers, and must agree not to sell debts to debt buyers when those debts have already been paid, charged off, or forgiven. Chase must also pay a $30 million civil penalty.
If you have been sued by any debt buyer, including debts on accounts originally held by Chase, our office may be able to represent you.
Settlement: In the Matter of Chase Bank USA