The Office of the Comptroller of the Currency (OCC) assessed a $250 million civil money penalty against JPMorgan Chase Bank, N.A.
The OCC took this action based on the bank’s failure to maintain adequate internal controls and internal audit over its fiduciary business.
https://twitter.com/USOCC/status/1331285586771025926
The OCC found the bank’s risk management practices were deficient and it lacked a sufficient framework to avoid conflicts of interest. These deficiencies constituted unsafe or unsound practices and resulted in a violation of 12 CFR 9.9, which requires a suitable audit over all significant fiduciary activities. The bank has remediated the deficiencies that led to this action.
The OCC penalty will be paid to the U.S. Treasury.
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Source: OCC
