JPMorgan Exposed Social Security Numbers On Mailing About Bank’s Privacy Efforts, Lawsuit Claims

JPMorgan Exposed Social Security Numbers On Mailing About Bank’s Privacy Efforts, Lawsuit Claims

NEW YORK, Sept 20 (Reuters) – JPMorgan Chase & Co has been hit with a proposed class action lawsuit accusing it of printing Social Security numbers on the outsides of form letters mailed to customers to tell them about the bank’s efforts to protect their private information.

Filed on Thursday in federal court in Chicago, the lawsuit accused the largest bank in the United States of violating federal and state laws and subjecting its customers to increased risk of identity theft.

A JPMorgan spokeswoman declined comment.

Texas law governs BofA foreclosures in Utah

A federal court in Utah held that Texas law applies in a local foreclosure case since the foreclosing banking unit is located in the Lone Star state.

According to The Salt Lake Tribune, a federal court ruledthat Texas law governs foreclosures in Utah when the process is carried out by a Texas-based unit of Bank of America (BAC).

U.S. District Judge David Sam had agreed with ReconTrust’s arguments that because its offices are in Texas when it carried out foreclosure procedures in Utah, national banking laws and regulations mean that the governing law is in the state in which its offices are located.

Source: Salt Lake Tribune

 

JPM Admission of Guilt to SEC

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JPM to Pay $310M in Restitution, $80M in Fines Over Card Practices

JPM to Pay $310M in Restitution, $80M in Fines Over Card Practices

It’s a bad day for Jamie.

WASHINGTON — Just hours after agreeing to pay $910 million in regulatory fines related to the London Whale trading scandal, JPMorgan Chase agreed Thursday to repay $309 million in restitution to customers harmed by its credit card practices as well as face an additional $80 million more in civil money penalties.

The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency jointly issued orders against JPMorgan for “unfair billing practices” in using identity theft products, largely as add-on products for credit cards. The actions include a $60 million civil money penalty from the OCC and a $20 million payment to the CFPB’s Civil Penalty Fund.

JPMorgan fined $920 million over ‘London Whale’ trades

According to IFAOnline, JPMorgan Chase (JPM) has been fined a total of $920 million over the infamous ‘London Whale’ trades, which led to derivative losses last year of $6 billion.

The Financial Conduct Authority (FCA) has fined the investment bank for failing to effectively supervise traders in the ‘London Whale’ affair, and for failing to accurately report its trading positions. The FCA’s decision has been coordinated with regulators in the US as part of an overall settlement of $920m. 

The FCA said the bank’s serious failings related to its chief investment office but its conduct demonstrated flaws on all levels of the firm: from portfolio level right up to senior management.  

Source: IFAOnline

Finally an answer to that *vexing* question. Is There Life After HAMP?

Deadly Clear

Published by THE RECORDER, Essential California Legal Content

Chavez v. Indymac Mortgage Services [C.A. 4thD061997]
Click here for the full decision

“We conclude the homeowner sufficiently alleged equitable estoppel to preclude the lender’s reliance on the statute of frauds defense.

We also conclude that the homeowner sufficiently alleged a cause of action for wrongful foreclosure.”

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UBS Securities Japan Sentenced in Libor Case

UBS Securities Japan Sentenced in Libor Case

(CN) – A Connecticut federal judge sentenced UBS Securities Japan on Wednesday after it pleaded guilty last year to manipulating the London Interbank Offered Rate.
     In the December plea, the Japanese subsidiary admitted its criminal conduct and agreed to pay a $100 million fine
     U.S. District Judge Robert Chatigny accepted that plea in imposing sentence.

City Watchdog Hits JPMorgan With Huge Fine

City Watchdog Hits JPMorgan With Huge Fine

The City regulator will slap one of its biggest-ever fines on the Wall Street banking giant JPMorgan on Thursday over the derivatives losses which last year cost it more than $6bn (£3.7bn).

Sky News understands that the Financial Conduct Authority (FCA) will make an announcement at approximately 2pm UK time in which it will say that the so-called“London Whale” affair will cost JPMorgan well over £50m in penalties for failing to ensure the effective supervision of its traders and that its trading positions were accurately reported.

The FCA will also say that it has agreed a string of toughened compliance, reporting and risk management procedures with JP Morgan executives in the UK and that it will monitor the firm’s activities more robustly.

Further measures are expected to be announced as part of Thursday’s settlement.

JPMorgan Said to Pay $900 Million to Settle Whale Probes

JPMorgan Said to Pay $900 Million to Settle Whale Probes

JPMorgan Chase & Co. (JPM) is poised to pay about $900 million to settle U.S. and U.K. claims that lax internal controls led the bank to provide inaccurate information about last year’s record trading loss to the board, investors and regulators, people with knowledge of the matter said.

The bank is set to announce deals today with four regulators over its handling of the trades by an employee known as the London Whale because his bets were so large, the people said, requesting anonymity because talks were private. Separately, the firm may also pay less than $80 million to settle two watchdogs’ probes tied to consumer lending practices, two people said.

CEO Pay Rule Proposed By SEC After 3-Year Delay

CEO Pay Rule Proposed By SEC After 3-Year Delay

WASHINGTON — After a three-year wait, the Securities and Exchange Commission on Wednesday proposed a new rule that would require corporations to disclose the ratio of CEO pay to the compensation of an average worker.

The new rule was required under the 2010 Dodd-Frank financial reform law, butfiercely resisted by corporate lobbyists and the two Republican SEC commissioners. The law obligates companies to disclose the ratio of CEO compensation to the pay of a median worker.