The CFPB sued Ohio-based Nationwide Biweekly Administration, Loan Payment Administration, and their owner, Daniel Lipsky, in federal district court last week, accusing them of misrepresenting the interest savings consumers will achieve through a biweekly mortgage payment program called the “Interest Minimizer” and misleading consumers about the cost of the program. Under the program, consumers who enroll send Nationwide half their monthly mortgage payment every two weeks, effectively making one additional monthly payment per year. According to the bureau, Nationwide charges consumers a setup fee of up to $995 to enroll in the program and charges consumers between $84 and $101 in payment processing fees each year they remain enrolled. According to the bureau’s complaint, the defendants made misrepresentations about the ...