11.26.2020

OCC Assessed $250m Civil Penalty Against JPMorgan Chase

The Office of the Comptroller of the Currency (OCC) assessed a $250 million civil money penalty against JPMorgan Chase Bank, N.A.

The OCC took this action based on the bank’s failure to maintain adequate internal controls and internal audit over its fiduciary business.

The OCC found the bank’s risk management practices were deficient and it lacked a sufficient framework to avoid conflicts of interest. These deficiencies constituted unsafe or unsound practices and resulted in a violation of 12 CFR 9.9, which requires a suitable audit over all significant fiduciary activities. The bank has remediated the deficiencies that led to this action.

The OCC penalty will be paid to the U.S. Treasury.

Related Link

Source: OCC

Related articles

  1. MTS Expands in Switzerland

    The board investigated whether Horta-Osório broke quarantine rules.

  2. Five banks joined tests for settling interbank, monetary policy and cross-border transactions in Swiss francs.

  3. The consortium aims to grow its membership of FDIC-insured banks.

  4. Sometimes "brute force" is needed to change fundamental structures.

  5. Canada Fragments

    The consolidated quote system for corporate bonds has raised funds to expand outside the US.