Paymap Inc., a subsidiary of Western Union, will refund $33.4 million to consumers and pay a $5 million penalty to resolve Consumer Financial Protection Bureau (CFPB) claims that it misled customers about the savings generated by more frequent mortgage payments through its “Equity Accelerator” program.
The CFPB said the Englewood, Colo.-based payments processor made unsubstantiated claims about interest savings and also misled consumers about when their payments would be applied. The company’s “prominent claims of tens of thousands of dollars in interest savings were made without any supporting evidence,” the agency said in a July 28 statement.
The CFPB said ...
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