Daily Archives: February 11, 2017

Lawsuit alleges JPMorgan Chase bilks D.C. jurors with high debit card fees

A federal class-action lawsuit alleges that JPMorgan Chase plotted to bilk money from D.C. jurors by forcing them to receive jury service payments on Chase debit cards that come with fees attached.

The suit, filed Tuesday in U.S. District Court for the District of Columbia by D.C. attorney William Mark Scott, says burdensome debit card fees deprived “those who duly fulfilled their civic duty” of fair compensation.

“Chase has devised a deceptive and unlawful scheme to deprive jurors of their full payments for jury service,” the suit reads. “This is done without an iota of consent from jurors, who are, in fact, further misled by the deceptive materials Chase provides with its debit cards, which falsely advertise that jurors can receive their funds for ‘FREE.’ ”

JPMorgan Chase declined to comment on the suit.

In the District, jurors receive $30 per day if they serve on a jury, plus a $4 travel allowance. But Scott’s suit alleges that he couldn’t access his full payment for serving on a jury in July because of two 25-cent charges after “not having enough money in the account to pay for a ‘declined’ Debit Card purchase,” according to the suit, and because of $1.50 in “inactivity fees.”

Read on.

Daniel Tarullo, Federal Reserve Regulatory Point Man, to Resign

WASHINGTON—The Federal Reserve’s lead architect of postcrisis financial regulations plans to resign this spring, giving President Donald Trump more freedom to remake the central bank and to accelerate a deregulatory agenda by putting his own appointees in charge of overseeing Wall Street.

Daniel Tarullo, a 64-year-old Fed governor and the government’s most influential overseer of the American banking system, wrote to Mr. Trump on Friday saying he would resign “on or about” April 5. The move had been expected, and will remove from the policy-making debate one of the strongest voices for imposing safeguards on big banks and nonbanks to protect against another meltdown. Mr. Trump and many of his advisers have criticized those rules as hampering economic growth, and have suggested they will fill vacancies with officials who will handle banking policy with a lighter touch.

Stock prices for megabanks jumped on the news of Mr. Tarullo’s imminent departure, with shares in Bank of America Corp. andCitigroup Inc. rising almost 1% in the half-hour following the announcement.

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