Altisource Portfolio Solutions S.A. has disclosed that it faces a potential enforcement action over technology services that it has provided to Ocwen Financial Corp.
On Nov 10, 2016, the
Luxembourg-based company received a Notice and Opportunity to Respond and Advise letter from the Consumer Financial Protection Bureau.
The letter indicates that
the CFPB is considering a potential enforcement action tied to alleged violation of federal law related to technology services provided to Ocwen.
The letter was revealed in Altisource’s 2016 Form 10-K filing Thursday with the Securities and Exchange Commission.
Altisource provided a written response to the CFPB on Dec. 15 explaining why it believes an enforcement action is not warranted.
“If the CFPB were to bring an enforcement action against us, the resolution of such action could have a material adverse impact on our business, reputation, financial condition and results of operations,” the filing stated. “However, we believe it is premature to predict the potential outcome or to estimate any potential financial impact in connection with any potential CFPB enforcement action that may be under consideration.”
