CFPB Acts to Stop Robo-signed Chase Credit Card Documents

cfpb_chase_debtbuyerThe 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.

Press Release: CFPB, 47 States and D.C. Take Action Against JPMorgan Chase for Selling Bad Credit Card Debt and Robo-Signing Court Documents

Settlement: In the Matter of Chase Bank USA

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CULIK LAW is a Massachusetts based law firm who believes in doing good work in our New England community to help individuals Champion Your Rights. We help clients with debt, credit reporting, mortgage, consumer protection, employment, and personal injury. If your rights are being violated or you need a new beginning, we want to hear about it and find a way to help.