SCC Participates in Multistate Settlement Involving ACI Payments Inc.

RICHMOND – The State Corporation Commission’s (SCC) Bureau of Financial Institutions (Bureau) is among money transmission regulators from 42 states, the District of Columbia and Puerto Rico to approve a settlement with licensed money transmitter ACI Payments Inc. and its parent company, ACI Worldwide Corp. (collectively, “ACI”) over roughly $2.3 billion in improperly processed and unauthorized electronic mortgage payments for more than 478,000 customers in April 2021.

Under the terms of the recent multistate settlement, each participating state will receive an equal portion of the more than $9.5 million civil penalty, or approximately $216,000 each. In addition, Nebraska-based ACI was ordered to pay $490,000 to reimburse 10 states for administrative costs related to the investigation. As part of the settlement and among other things, ACI also has agreed to implement changes to improve privacy and data security as well as introduce other safeguards to help protect consumers. 

A copy of the SCC order regarding the settlement is available online via the SCC’s case information page at scc.virginia.gov/DocketSearch#/caseDetails/144515.

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Contact: Katha Treanor,804-371-9141
Case Number BFI-2023-00126