Violation Tracker Individual Record
: RAM Payment and Account Management Systems
: May 11, 2022
: consumer-protection-related offenses
: consumer protection violation
: The Consumer Financial Protection Bureau (CFPB) finalized an enforcement action against debt-relief payment-processors RAM Payment and Account Management Systems (AMS), as well as AMS's co-founders, Gregory Winters and Stephen Chaya, for collecting debt-relief fees from consumers, lying to consumers about when the fees would be paid to debt-relief companies, and sending illegal advance fees to debt-relief companies before they were legally allowed to do so. They also failed to return funds to consumers who cancelled student-loan debt relief agreements, as required by law. The CFPB ordered RAM Payment, AMS, Winters, and Chaya to refund $8.7 million to customers and to pay a $3 million civil penalty.
Level of Government
: agency action
: Consumer Financial Protection Bureau
Civil or Criminal Case
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Current parent company note
: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log