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“For tracking litigation, enforcement, and regulatory developments, Compliance Week
should be your prime source.”- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
ACI Worldwide fined $25M for lax data handling, unauthorized transactions
By 
Jeff Dale2023-06-28T16:01:00
The Consumer Financial Protection Bureau (CFPB) ordered ACI Worldwide to pay a $25 million fine for improper data handling that led to approximately $2.3 billion in erroneous mortgage payment transactions.
The unauthorized transactions negatively impacted nearly 500,000 homeowners with mortgages serviced by Mr. Cooper, one of ACI’s largest customers, and caused many to incur overdraft fees, the CFPB said in a press release Tuesday.
In April 2021, contractors conducted tests on ACI’s Speedpay payments system but failed to use “dummy” consumer data, contrary to company policy, the CFPB said in its consent order.
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