North Dakota Department of Financial Institutions · ND
State Regulators Settle with ACI Payments, Inc. for Unauthorized Transactions from Mr. Cooper Customer Accounts
October 17, 2023
Summary
State regulators and attorneys general have finalized a $20 million settlement with ACI Payments, Inc. following the unauthorized withdrawal of $2.3 billion from 480,000 mortgage borrower accounts. This enforcement action highlights significant deficiencies in payment processing controls and vendor management protocols during automated transaction execution.
October 17, 2023
State regulators and state attorneys general levy combined fines of $20 million for data misuse impacting 480,000 consumers nationwide
BISMARCK, N.D. — The North Dakota Department of Financial Institutions and 43 other state agencies have reached settlements with ACI Payments, Inc., for erroneously initiating electronic transactions totaling $2.3 billion from the accounts of 480,000 mortgage-holders serviced by Mr. Cooper (formerly known as Nationstar Mortgage, LLC). State regulators levied $10 million in fines through a multi-state enforcement action led by regulators from Arkansas, Connecticut, Maryland and Texas with support from the Conference of State Bank Supervisors. Additionally, 50 state attorneys general, including North Dakota Attorney General Drew Wrigley, on behalf of North Dakota, participated in a matching settlement, which also levied $10 million in fines to ACI, in coordination with state regulators.
Source: https://www.nd.gov/dfi/news-and-publications/press-releases
Common questions
- What does "State Regulators Settle with ACI Payments, Inc. for Unauthorized Transactions from Mr. Cooper Customer Accounts" cover?
- State regulators and attorneys general have finalized a $20 million settlement with ACI Payments, Inc. following the unauthorized withdrawal of $2.3…
- Which agency issued this update?
- This update was issued by North Dakota Department of Financial Institutions.
- When was it published?
- It was published on October 17, 2023.
Related updates
- Mortgagee Letter 2026-03: Updates to Bidding at Foreclosure and Post-Foreclosure Sales Efforts
- Ocwen Financial Corp. order issued by the Division of Banking and find answers to frequently asked questions. (frequently asked questions)
- Agreed Order
- Updated Nonbank Ransomware Self-Assessment Tool (R-SAT)
- Ultralight FS,. Inc., formerly known as Obopay, Inc., also doing business as Obopay USA
- OCC 2021-043 — AA-ENF-2021-45