Virginia State Corporation Commission · VA
SCC Participates in Multistate Settlement Involving ACI Payments Inc.
October 17, 2023
Summary
The Virginia State Corporation Commission joined a multistate settlement against ACI Payments Inc. regarding unauthorized electronic mortgage payment processing that impacted over 478,000 customers. ACI must pay civil penalties and implement enhanced data security and privacy safeguards to prevent future unauthorized transaction processing.
Financial
Oct 17, 2023
The State Corporation Commission’s (SCC) Bureau of Financial Institutions (Bureau) is among money transmission regulators from 42 states, the District of Columbia and Puerto Rico to approve a settlement with licensed money transmitter ACI Payments Inc. and its parent company, ACI Worldwide Corp. (collectively, “ACI”) over roughly $2.3 billion in improperly processed and unauthorized electronic mortgage payments for more than 478,000 customers in April 2021.
Under the terms of the recent multistate settlement, each participating state will receive an equal portion of the more than $9.5 million civil penalty, or approximately $216,000 each. In addition, Nebraska-based ACI was ordered to pay $490,000 to reimburse 10 states for administrative costs related to the investigation. As part of the settlement and among other things, ACI also has agreed to implement changes to improve privacy and data security as well as introduce other safeguards to help protect consumers.
A copy of the SCC order regarding the settlement is available online via the SCC’s case information page at scc.virginia.gov/DocketSearch#/caseDetails/144515.
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Contact: Katha Treanor, 804-371-9141
Case Number BFI-2023-00126
Common questions
- What does "SCC Participates in Multistate Settlement Involving ACI Payments Inc." cover?
- The Virginia State Corporation Commission joined a multistate settlement against ACI Payments Inc. regarding unauthorized electronic mortgage payment…
- Which agency issued this update?
- This update was issued by Virginia State Corporation Commission.
- When was it published?
- It was published on October 17, 2023.
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