September 11, 2017 / 8:40 PM / in 10 months

Ohio mortgage assistance company ordered to pay $7.9 mln penalty

Sept 11 -

An Ohio company accused of promising false savings on mortgage payments must pay a $7.9 million civil penalty to the Consumer Financial Protection Bureau, a federal judge ruled, though he rejected the bureau’s request for $74 million in restitution.

The CFPB successfully showed that Nationwide Biweekly misled consumers about savings they would realize, but it did not prove that the company never provided a benefit to those consumers, U.S. District Judge Richard Seeborg in San Francisco said on Friday.

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