State AGs Probing Sales of Credit Card Debt

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State AGs Probing Sales of Credit Card Debt

State AGs Probing Sales of Credit Card Debt

Look for a similar settlement as to the foreclosure fraud mess. Miniscule for their actions involved.


American Banker-

A group of state attorneys general is investigating how major banks process and sell delinquent credit card accounts.

Attorneys representing Mississippi Attorney General Jim Hood have contacted former JPMorgan Chase (JPM) employees about possible procedural shortfalls or outright errors in defaulted credit card account records that the bank sold to third-party debt collectors. Attorneys general in other states are also involved in the probe and are scrutinizing the practices at other banks as well, says another ex-Chase employee contacted by investigators.

The alleged practices under scrutiny are similar to the mortgage documentation problems that plagued banks’ foreclosure proceedings before a national settlement was reached with state AGs.

[AMERICAN BANKER]

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