Thursday, September 12, 2013

Regulators probing banks’ debt collection practices - The Washington Post


 
Frank Franklin II/AP - Federal regulators began peering into the collection practices of JPMorgan Chase in 2012. They are widening an investigation of whether other big banks used erroneous documents and incomplete records to collect on credit card debts.
Federal regulators are widening an investigation into whether the nation’s biggest banks used flawed documents and incomplete records to collect on delinquent credit card debts, according to four people familiar with the probe.

The scope of the inquiry is unclear, but those familiar with it say the Office of the Comptroller of the Currency is expanding a probe that began in 2011 with allegations that JPMorgan Chase was using error-filled documents in lawsuits against debtors.

read entire article at         Regulators probing banks’ debt collection practices - The Washington Post

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