JPMorgan paying $389M for credit card practices

09/19/2013 | Bloomberg · Hill, The

The Consumer Financial Protection Bureau said Thursday that JPMorgan Chase had refunded $309 million to 2.1 million customers and would pay an additional $20 million in civil penalties for charging customers for "add-on" credit card products they did not want or receive. The Office of the Comptroller of the Currency, which began the enforcement action before passing it to the CFPB, penalized the bank $60 million. JPMorgan also agreed to two other settlements on Thursday -- one related to last year's trading loss and one regarding debt-collection practices.

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Bloomberg · Hill, The

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