- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2023-06-28T16:01:00
The Consumer Financial Protection Bureau (CFPB) ordered ACI Worldwide to pay a $25 million fine for improper data handling that led to approximately $2.3 billion in erroneous mortgage payment transactions.
The unauthorized transactions negatively impacted nearly 500,000 homeowners with mortgages serviced by Mr. Cooper, one of ACI’s largest customers, and caused many to incur overdraft fees, the CFPB said in a press release Tuesday.
In April 2021, contractors conducted tests on ACI’s Speedpay payments system but failed to use “dummy” consumer data, contrary to company policy, the CFPB said in its consent order.
2023-08-04T16:10:00Z By Jeff Dale
ACI Worldwide is set to pay $20 million as part of a proposed settlement with states related to lax data handling and erroneous transactions that resulted in previous penalties against the company levied by the Consumer Financial Protection Bureau.
2023-06-07T19:00:00Z By Jeff Dale
The Consumer Financial Protection Bureau flagged risks regarding expanded use of chatbots by financial institutions, specifically for customer service purposes.
2023-03-16T17:06:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau is asking companies that “track and collect information on people’s personal lives” to provide information to the agency as it considers rulemaking under the Fair Credit Reporting Act.
2025-07-02T18:31:00Z By Aaron Nicodemus
Emerging enforcement priorities of the U.S. Department of Justice’s health care fraud division align with the Trump administration’s emphasis on prosecuting transnational criminal organizations and ending opioid trafficking.
2025-07-01T23:26:00Z By Oscar Gonzalez
Since President Donald Trump took office, the U.S. Federal Trade Commission has yet to keep up the level of enforcement it had under previous chair Lina Khan. The agency, however, returned to antitrust action in the case of fuel stations, just in time for the July 4th holiday.
2025-06-25T16:29:00Z By Oscar Gonzalez
In May, three commissioners for the Consumer Product Safety Commission were abruptly fired by President Donald Trump and sued for their jobs shortly after. A federal judge has ruled that the commissioners should be reinstated, although it’s unclear whether that ruling may itself be reversed.
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