Harbour Portfolio Advisors, LLC; National Asset Advisors, LLC; and National Asset Mortgage, LLC
On June 23, 2020, the Consumer Financial Protection Bureau settled with Harbour Portfolio Advisors, LLC (Harbour); National Asset Advisors, LLC (NAA); and National Asset Mortgage, LLC (NAM), companies that worked together to issue contracts for deeds to consumers. Between 2012 and 2016, several thousand consumers initiated contracts for deeds with Harbour. The Bureau found that during this period, when consumers called NAA or NAM to complain about errors on their consumer reports relating to their financing with Harbour, they were sometimes told that they had to file a dispute with the consumer-reporting agency. These representations were inaccurate and constituted deceptive acts and practices in violation of the Consumer Financial Protection Act. The Bureau also found that NAM lacked adequate policies and procedures to protect the accuracy and integrity of information furnished to consumer-reporting agencies, in violation of Regulation V. Under the settlement, Harbour will pay a $25,000 civil money penalty to the Bureau, and NAA and NAM will jointly pay a $10,000 civil money penalty to the Bureau. The companies also agreed not to misrepresent or assist others in misrepresenting, expressly or impliedly, how consumers can resolve errors in their consumer reports or any other material fact concerning their consumer reports.
Press release
Important documents
Stipulation - Harbour Portfolio Advisors, LLC
Stipulation - National Asset Advisors, LLC, and National Asset Mortgage, LLC