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Inability to substantiate savings leads to UDAAP violation
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Case Law, Consumer Protection
Tuesday, August 4, 2015
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The Consumer Financial Protection Bureau issued two consent orders against a payment processor and a mortgage servicer for issuing advertisements, whose benefits were found to be unsubstantiated, regarding the interest savings consumers could make by enrolling in an accelerated payment program. Claims that consumers could save up to $33,000 in interest payments led to a finding of deception by the bureau under the prohibition of “unfair, deceptive or abusive acts or practices.”
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