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JP Morgan Chase Hit for $80 Million

J.P. Morgan Chase is nearing a settlement with federal consumer regulators investigating the bank for violations in debt collection practices. The settlement appears to be a fine somewhere under $80 million dollars.

http://www.bloomberg.com/news/2013-09-11/jpmorgan-said-near-settlement-on-credit-card-collections.html

According to reports, the bank’s CEO visited Washington D.C. on September 10th to update the Federal Government on the bank’s compliance with federal regulations. Violations of debt collection law by creditors are much more common than consumers think. The best consumer protection from their creditor is a qualified debt settlement attorney. A qualified debt settlement attorney can help the consumer defend creditor harassment that violates state and federal law. This attorney can also settle the consumer’s debt often for a large reduction in the principal balance owed. If you are being harassed by debt collectors, creditors, or collection attorneys, contact a qualified debt settlement attorney and know your rights.