Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
CFPB bans Brightspeed Solutions and former CEO
The CFPB on Tuesday announced it has filed a proposed final judgment and order to resolve a March 2021 lawsuit brought by the CFPB against BrightSpeed Solutions and its founder Kevin Howard. The CFPB alleges that between 2016 and 2018, BrightSpeed and Howard knowingly assisted companies profiting from fraudulent services and products. BrightSpeed and Howard processed payments for companies that claimed to offer technical-support services and products to consumers over the internet, but in reality, the companies tricked consumers into purchasing expensive and unnecessary antivirus software or services.
Many of the targeted consumers were older adults unaware of clickbait scams and that the software and services they purchased were actually available for free. If entered by the court, the order would require BrightSpeed and Howard to pay a civil penalty of $500,000 and permanently bar them from multiple consumer financial products and services industries.
Chicago-based BrightSpeed was a privately owned, third-party payment processor founded in 2015 and operated by Howard. BrightSpeed ceased operations in March 2019. From 2016 to 2018, BrightSpeed and Howard processed remotely created check payments for more than 100 client companies totaling more than $70 million. The CFPB alleges that many of BrightSpeed’s client companies purported to provide antivirus software and technical-support services to consumers, particularly older adults, but they instead scammed consumers into purchasing unnecessary and expensive computer software and services for amounts as high as $2,000. The client companies allegedly sold their products and services through fraudulent telemarketing schemes and received payments through remotely created checks processed by BrightSpeed.