The FINANCIAL -- Chase Card Services entered into a consent order on July 8 with the Consumer Financial Protection Bureau and agreements with attorneys general for 47 states and the District of Columbia relating to practices stopped years ago for its sworn document, collections litigation and certain debt sales practices on defaulted credit card debt.
Chase has taken extensive steps over the past four years and is pleased to resolve these legacy issues. It is working to complete remediation of affected Card customers. Chase addressed largely the same issues in a consent order with the Office of the Comptroller of the Currency in 2013, according to Chase.
The 2015 consent order covers issues from several years ago for a small percentage of credit card credit card customers who defaulted on their credit card debt. The issues were discovered by Chase in internal reviews that began in 2010.
To address these issues, Chase began taking action in 2011:
Stopped filing credit card collections litigation in 2Q 2011 and have not restarted.
Dismissed the impacted lawsuits.
Improved its debt sales processes.