JP Morgan Chase ordered to pay $4.6M over checking account reports
A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. (Mike Segar/Reuters,Files)
WASHINGTON — The U.S. Consumer Financial Protection Bureau said on Wednesday it had ordered JPMorgan Chase & Co to pay $4.6 million for allegedly failing to make sure it reported accurate information for checking account screening reports.
The reports are used to determine who can open a bank account, and without having legally required processes to check the information it provided, the bank kept customers in the dark about why their applications were denied, CFPB Director Richard Cordray said in a statement.
Chase did not immediately respond to a request for comment. The CFPB said that it did not admit or deny the agency’s findings.
