JPMorgan to Pay $389 Million Over Regulators’ Card Add-On Claims
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JPMorgan Chase & Co., the biggest U.S. bank by assets, is paying $389 million in penalties and restitution to settle regulators’ claims that it unfairly charged customers for credit-monitoring products.
The New York-based bank will pay $60 million to the Office of the Comptroller of the Currency and $20 million to the Consumer Financial Protection Bureau in penalties for improperly billing customers for the “add-on products,” the agencies said in a statement today. JPMorgan has already paid $309 million in refunds to more than 2.1 million customers, CFPB Director Richard Cordray said in a statement.