$20 Million Multistate Settlement With ACI Worldwide Reached
By KIMBERLEY HAAS
A multistate settlement has been reached after a testing error led to the unauthorized withdrawal of $2.3 billion from the accounts of nearly 480,000 mortgage holders serviced by Mr. Cooper.
ACI Payments, a processor for a variety of third-party clients, erroneously initiated the electronic withdrawals in April of 2021, causing consumers stress nationwide. So state banking officials from 44 states and 50 state attorney generals joined together to take action against ACI Worldwide, levying a total of $20 million in fines.
In addition to paying the states, the settlement announced on Tuesday requires ACI to use artificially created data instead of real customer data when testing systems or software. Testing, development, and quality insurance work will now…