Credit-Card Debts Got 'Robo Signers,' TooBy
And here we were, thinking the “robo signing” of foreclosure documents was just one further ugly chapter in the U.S. housing mess, helping to spur a $25 billion settlement over abusive practices. It turns out that at least one bank, JPMorgan Chase, resorted to so-called “robo signing” in an additional area: the collection of credit card debts. American Banker‘s Jeff Horwitz has published the first story in a multi-part series today, examining credit-card collections at Chase. The story details how the bank encouraged “procedural shortcuts and used faulty account records in suing tens of thousands of delinquent credit card borrowers” and reports that the Office of the Comptroller of the Currency, the regulator that oversees federally chartered banks, is investigating the bank’s flawed practices.
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