ACI Worldwide

The CFPB imposed a $25 million fine on ACI Worldwide, a payment processing vendor, for processing $2.3 billion in unlawful payments connected to mortgage servicer Mr. Cooper. The improper processing resulted in overdraft fees for affected consumers. The action underscores the CFPB's position that banks are liable for failures of their third-party fintech and vendor partners. This enforcement action highlights the regulatory risk banks face in BaaS and fintech partnership arrangements where payment processing is delegated to third parties. The specific bank partner was not named in the source, but the action reinforces that sponsor banks bear accountability for vendor conduct.

Verified from source: The CFPB took enforcement action against ACI Worldwide, which provides real-time payment processing, for initiating roughly $2.3 billion in unlawful payments for half a million homeowners of the mortgage service provider Mr. Cooper. The CFPB handed ACI a $25 million civil penalty after homeowners were hit with overdraft fees from their banks.