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Volume 24.4M
As of 8:04 PM 01/28/15 All times are local (Market data is delayed by at least 15 minutes).

jpmorgan chase & co (JPM) Key Developments

JPMorgan Chase & Co. Presents at The Bond Buyer's National Outlook 2015 Conference, Jan-27-2015 01:30 PM

JPMorgan Chase & Co. Presents at The Bond Buyer's National Outlook 2015 Conference, Jan-27-2015 01:30 PM. Venue: Metropolitan Club, One East 60th Street, New York, NY 10022-1054, United States. Speakers: Charles Giffin, Head of Public Finance Debt Capital Markets.

Consumer Financial Protection Bureau Fines Banks for Mortgage Kickbacks

Wells Fargo and JPMorgan Chase have been ordered to pay $35.7 million in penalties for "illegal mortgage kickbacks" as a result of the joint investigation by the Consumer Financial Protection Bureau, the state of Maryland and the Maryland Insurance Administration. In violation of the Real Estate Settlement Procedures Act, the CFPB said both banks allegedly participated in an "illegal marketing-services-kickback scheme" with Genuine Title of Maryland, which went out of business in April of last year. The CFPB said Genuine Title gave the banks' loan officers cash, marketing materials, and consumer information in exchange for business referrals.

Wells Fargo and JPMorgan Chase Settle Mortgage Kickbacks Probe

Wells Fargo and JPMorgan Chase have agreed to pay more than $35 million combined to resolve claims that loan officers at the two banks received kickbacks in exchange for steering mortgage borrowers to a Maryland title company. The Consumer Financial Protection Bureau said that JPMorgan and Wells Fargo each agreed to consent orders filed in federal court to settle the claims. Wells Fargo has agreed to pay $24 million in civil penalties and $10.8 million to consumers affected by the scheme. JPMorgan is to pay $600,000 in penalties and about $300,000 in redress. The CFPB and the Maryland attorney general found that loan officers at the banks referred borrowers to a now-defunct title company, Genuine Title, in exchange for cash and marketing services. Federal law prohibits giving anything of value in exchange for a referral of business related to a real estate settlement service. According to the CFPB, loan officers at Wells Fargo and JPMorgan sent homebuyers financing a mortgage through the banks to Genuine Title, which provided real estate closing services. In return, the title company, which went out of business last April, provided the loan officers with cash, as well as consumer information and marketing services aimed at helping them drum up more loan business, the CFPB said. The CFPB noted that more than 100 Wells Fargo loan officers in at least 18 branches, mainly in Maryland and Virginia, participated in the scheme, referring thousands of loans to Genuine Title.

JPMorgan Chase & Co. Announces Executive Changes

JPMorgan Chase & Co. has named Jennifer Piepszak as Chief Executive Officer of Business Banking. Piepszak succeeds Scott Geller, who is returning to Commercial Banking as a senior executive in Middle Market Banking & Specialized Industries. Piepszak has held a variety of leadership positions in the Investment Bank and Mortgage Banking, before being named head of Business Banking National Sales last year. She has been with the firm 21 years and is a graduate of Fairfield University.

JPMorgan Chase & Co. Loses Court Fight with Unsecured Creditors of Bankrupt Predecessor of General Motors Co

JPMorgan Chase & Co. has lost a court fight with unsecured creditors of the bankrupt predecessor of General Motors Co. over a $1.5 billion bank loan. Creditors of GM's predecessor had reportedly sought a ruling that the loan from JPMorgan should not be considered as a secured debt in GM's bankruptcy and should be treated as an unsecured debt. The creditors wanted JPMorgan to give up its rights to collateral securing the loan. The U.S. Court of Appeals for the Second Circuit in Manhattan ruled in favor of the creditors. The court reportedly said that although it was not JPMorgan's intention, the bank inadvertently authorized the filing of a document that canceled its right to the security and could not retroactively change it. The paperwork mistake by JPMorgan that authorized the unsecured loan might now enable creditors left unpaid from GM's bankruptcy to ask the bank and its leading syndicate to return the money they collected when the load was paid off. The ruling now reverses a 2013 decision by U.S. Bankruptcy Judge Robert Gerber. JPMorgan is reportedly reviewing the decision and looking at its options in the long-running dispute.

 

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