Cost of doing business?

JP Morgan Chase Fined Again

JP Mortgage Chase was fined an additional $48 million due to failure to meet terms of a mortgage servicing violation settlement. This follows a $2 billion fine JP Morgan Chase was ordered to pay to borrowers for foreclosure assistance and remediation costs, according to the Office of the Comptroller of the Currency in a recent news release. However, in the release, the OCC announced it will end business restrictions placed on Chase June 17,2015.

JP Morgan released a response which included “Doing what’s right for our customers has always been our top priority.”

Reuters recently reported the OCC cited the use of signatures by individuals no longer employed by the bank at the time bankruptcy court filings were submitted as non-compliant and “…unsound banking practices.” * To JP Morgan Chase, a firm, by their own assertion, with assets of $2.4 trillion and with operations worldwide; is $48 million enough to make substantial changes in the way the bank does business, or is it just the cost of doing business today?

**For more information on this topic, read the source article on the original website. We provide the original article so you continue to learn more about what is going on in the industry.**


Source article can be found at : Reuters.com
Source article can be found at : OCC.gov

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