11/17/2016: Criminal Investigation Settled: JPMorgan agreed to pay $264m to the Department of Justice and federal regulators to resolve an investigation in bribery of forgein officials. JPMorgan was alleged to have hired the children of Chinese officials in ancilliary roles in order to get perferential treatment, as reporting by the New York Times.
1/4/2016 – OCC Consent Order: JPMorgan agreed to pay $48 million for violating the terms of a previous 2011 OCC Consent Order related to Chase’s “deficiencies and unsafe or unsound practices in residential mortgage servicing and in Chase’s initiation and handling of foreclosure proceedings.” In the 2016 Consent Order, the OCC found that Chase had again engaged in unsafe and unsound practices, and had violated the Bankruptcy Rules.
The specific unsafe and unsound practices enumerated in the January, 2016 Consent Order included the fact that “between December 1, 2011, and November 19, 2013, the Bank filed in United States Bankruptcy Courts:
(a) approximately 460 inaccurate Payment Change Notices (“PCNs”) that did not provide the borrower with the correct payment change amount or the correct date that the new payment change would go into effect;
(b) approximately 2,500 PCNs that were untimely under the Bankruptcy Rules;
(c) approximately 4,380 PCNs using the signature and Bankruptcy Court’s Case Management/Electronic Case Filing credentials (“ECF Credentials”) of an individual who no longer worked for the Bank at the time the PCNs were filed; and
(d) approximately 2,285 PCNs using the signature and ECF Credentials of a Bank employee who no longer worked in the Bank’s bankruptcy department at the time the PCNs were filed.”
11/2/2015 – California Attorney General action: Chase stipulated to judgment in a suit alleging that it violated SCRA, state FDCPA and other California laws, agreeing to $50 million in restitution and an additional $50 million in penalties and other payments to California.
7/8/2015 – National action: 47 Attorneys-General, the CFPB and OCC joined in a settlement with Chase. Chase to pay $50 million in refunds, $60 million in federal penalties and $107 million to the states, cease collecting on 528,000 accounts and reforms its debt-selling practices, in particular cease robo-signing, prohibit debt re-sale and cease selling inadequately documented accounts
March, 2015 – U.S. Trustee Program Settlement: Chase allegedly filed inaccurate notices and statements regarding mortgages in Bankruptcy cases. Chase paid more than $50 million.
December, 2013 – Mississippi Attorney General action: Chase was sued for “egregious” debt collection conduct, including robo-signing documents and inadequate record-keeping.
November, 2013 – National Settlement: Chase agreed to pay $13 billion to settle allegations related to its sale of mortgage backed securities prior to the Financial Crisis.
September, 2013 – OCC Consent Order: the OCC found that Chase produced affidavits that were improperly notarized, falsely claimed to be based on personal knowledge, or which contained financial errors in favor of Chase. The OCC imposed additional compliance measures on Chase.
September, 2013 – CFPB Consent Order: Chase was ordered to refund $309 million to 2.1 million consumers to whom it had charged illegal fees.
December, 2010 – Private Indemnity and Hold Harmless Agreement: Chase agreed to indemnify several debt buyers after it illegally added fees to 10,000 charged-off accounts before selling them.
December, 2009 – Chase sold a portfolio of judgments to DebtOne, LLC, disclaiming representations and warranties. Chase employee Linda Almonte, in a whistleblower suit against Chase alleged that Chase had committed fraud, because the pool of judgments sold included cases involving fraud and inaccurate records. Chase moved to dismiss on the grounds that its disclaimer of warranties meant the sale was not fraudulent.