LAKE FOREST, Ill., Sept. 18, 2017 /PRNewswire/ -- Transworld Systems Inc. (TSI), a leader in the accounts receivable management industry, has entered into a settlement agreement with the Consumer Financial Protection Bureau (CFPB), resolving an investigation that lasted almost three years. The settlement allows TSI to focus on continuing to provide superior service to its clients and consumers without the distraction of time-consuming and costly litigation.
TSI is disappointed that the CFPB decided to bring an enforcement action related to one portfolio for a single client of the Attorney Network business unit, which utilizes outside law firms to collect on defaulted private student loans. At times, this business unit executes affidavits at the request of law firms in connection with collections lawsuits.
TSI disagrees with the CFPB's characterizations, and with many of the alleged facts in the Consent Order. Since assuming control of the Attorney Network in November 2014, Company management has worked diligently to enhance the compliance management system for the Attorney Network business unit to reflect TSI's company-wide culture of compliance. TSI's current practices in the Attorney Network business unit adhere to all federal and state consumer protection laws, and embody best practices in the industry, including having well-trained affiants, proper documentation for any legal claims, and diligent local law firms that review these cases in their entirety prior to taking any action in court.
TSI remains, above all else, committed to its clients and consumers, and to treating everyone fairly and in conformity with the law. TSI decided to settle with the CFPB in order to avoid costly and potentially protracted litigation with our primary regulator, and so that we may continue to focus all of our efforts on serving the needs of our customers.
TSI is a market-leading provider of accounts receivable management and loan servicing solutions. Our global operations are powered by our proprietary data analytics and best-in-class compliance management system. Our clients include Fortune 100 corporations, national and regional healthcare providers, financial institutions, state and federal government organizations, educational institutions, and small and medium-sized businesses.
David Zwick, Chief Financial Officer
SOURCE Transworld Systems Inc. (TSI)