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Violation Tracker Individual Record

Company: JPMorgan Chase
Current Parent Company: JPMorgan Chase
Penalty: $186,000,000
Year: 2015
Date: July 8, 2015
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: credit card violation
Mega-Scandal: Credit Card Issuer Abuses
Violation Description: The Consumer Financial Protection Bureau and Attorneys General in 47 states and the District of Columbia took action against JPMorgan Chase for selling bad credit card debt and allegedly illegally robo-signing court documents. The CFPB and states found that Chase sold "zombie debts" to third-party debt buyers, which include accounts that were inaccurate, settled, discharged in bankruptcy, not owed, or otherwise not collectible. The order required Chase to document and confirm debts before selling them to debt buyers or filing collections lawsuits. Chase must also prohibit debt buyers from reselling debt and is barred from selling certain debts. Chase was ordered to permanently stop all attempts to collect, enforce in court, or sell more than 528,000 consumer accounts. Chase was required to pay at least $50 million in consumer refunds and $136 million in penalties and payments to the CFPB.
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.