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August 30, 2015 12:33 PM ET

Banks

Company Overview of Chase Bank USA, National Association

Company Overview

Chase Bank USA, National Association provides financial services, which includes consumer and commercial banking. The bank serves consumers and small businesses through bank branches, ATMs, mortgage offices, and online and mobile banking as well as through relationships with auto dealerships and schools and universities. The bank also issues credit cards. The bank was formerly known as Chase Manhattan Bank USA, National Association and changed its name to Chase Bank USA, National Association in March, 2005. The bank was founded in 1982 and is headquartered in Newark, Delaware. Chase Bank USA, National Association operates as a subsidiary of CMC Holding Delaware Inc.

201 North Walnut Street

Wilmington, DE 19801

United States

Founded in 1982

Phone:

302-202-5113

Key Executives for Chase Bank USA, National Association

President and Director
Chief Financial Officer and Director
Senior Vice President
Vice President and Controller
Vice President
Compensation as of Fiscal Year 2015.

Chase Bank USA, National Association Key Developments

AG Caldwell Announces an Agreement with Chase Bank USA N.A and Chase Bankcard Services, Inc

AG Caldwell announced an agreement with Chase Bank USA N.A. and Chase Bankcard Services, Inc. that will require the bank to reform its credit card debt collection practices and pay restitution to consumers affected by its unlawful collections activity. The agreement requires Chase to reform its credit card debt collection practices in areas of declarations, collections litigation, debt sales and debt buying. Among other reforms, the agreement requires new safeguards to help ensure debt information is accurate, and that inaccurate data is corrected. Also, Chase's debt buyers are prohibited from reselling consumer debts to other purchasers. The agreement ensures Chase will fulfill $50 million in consumer restitution through a separate 2013 consent order reached with the federal Office of the comptroller of the currency.

Chase Bank USA Struck $136 Million Settlement Agreement with Massachusetts Attorney General Maura Healey

Chase Bank USA has struck a $136 million settlement agreement with Massachusetts Attorney General Maura Healey and other government officials across the country for a series of allegedly illegal debt collection practices against credit card holders. The JPMorgan Chase unit reached a settlement with the U.S. Consumer Financial Protection Bureau and attorneys general from 47 states and the District of Columbia. Under the deal, Massachusetts will receive more than $2.8 million. Among other practices, Chase allegedly tried to collect debts from customers for accounts that did not belong to them, filed deceptive affidavits in a practice known as robosigning, and miscalculated customers' debt when filing debt collection lawsuits, according to Healey's office. As a result of the practices, Chase gave credit reporting agencies inaccurate information. The settlement calls for Chase to stop seeking to collect debt from an estimated 9,000 Massachusetts residents and hundreds of thousands more nationwide, and to stop reselling customers' debt to other firms, among other safeguards.

The Office of the Comptroller of the Currency Announces $350 Million Civil Money Penalty Against JPMorgan Chase, N.A., JPMorgan Bank and Trust Company, N.A., and Chase Bank USA, N.A for Bank Secrecy Act Violations

The Office of the Comptroller of the Currency (OCC) announced a $350 million civil money penalty against JPMorgan Chase, N.A.; JPMorgan Bank and Trust Company, N.A.; and Chase Bank USA, N.A., for Bank Secrecy Act (BSA) violations. The penalty follows a January 2013 cease and desist order in which the OCC directed the three affiliated banks to correct deficiencies in their compliance programs. The OCC found critical and widespread deficiencies in the banks’ BSA and anti-money laundering (AML) compliance programs with respect to suspicious activity reporting, monitoring of transactions for suspicious activity, the conduct of customer due diligence and risk assessments, and internal controls and independent testing. The penalty is based in part on JPMorgan Chase’s failure to report suspicions about Bernard L. Madoff Investment Securities, LLC, to U.S. law enforcement and regulators, despite having alerted United Kingdom authorities in the months prior to Mr. Madoff’s arrest. The banks also failed to detect and report other cases of suspicious activity. Since issuing the January 2013 cease and desist order, the OCC continues to monitor progress that JPMorgan Chase has made to correct weaknesses identified by the agency as well as their ongoing work and commitment to remedy the remaining deficiencies. Concurrent with the OCC’s enforcement action, JPMorgan Chase entered into a deferred prosecution agreement with the U.S. Attorney's Office for the Southern District of New York and agreed to forfeit $1.7 billion to the United States. Also concurrent with the OCC’s enforcement action, the Financial Crimes Enforcement Network assessed a $461 million civil money penalty that is deemed satisfied by the forfeiture to the U.S. government.

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January 22, 2015
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