UDAAP Settlement

Specialty non-bank payment processor

A specialty non-bank payment processor was advised by the CFPB that the agency intended to initiate an enforcement action alleging unfair, deceptive, and abusive acts or practices by the company.  The matter arose out of what the Bureau alleged to be inadequate disclosure of certain ancillary fees associated with the company’s services.  Our attorneys represented the company in preparing its response to the CFPB, successfully narrowed the scope of the Bureau’s allegations, and ultimately negotiated a consent order to settle the matter.

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