JPMorgan Chase has agreed to pay more than $200 million to settle claims by federal and state authorities that the megabank wrongfully collected credit card payments on hundreds of thousands of consumers.

The Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, and attorneys general in 47 states plus Washington D.C. announced the massive settlement Wednesday. The deal, which specifically targets the company's Chase Bank and Chase Bankcard Services units, requires them to stop collecting debt on more than 528,000 consumers and from reselling debt.

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