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JPMorgan Chase Bank Wrongly Charged 170,000 Customers Overdraft Fees. Federal Regulators Refused to Penalize It.

Federal bank examiners considered levying fines and sanctions when JPMorgan Chase informed them last year that faulty overdraft charges caused by a software glitch had impacted roughly 170,000 customers. But the bank urged the Office of the Comptroller of the Currency, or OCC, its chief regulator, to take less severe action, according to two people …

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JPMorgan Chase Gets Slapped for Derivatives Trading Activity

The Office of the Comptroller of the Currency (OCC) announced today the issuance of a cease and desist order, by consent, against JPMorgan Chase, N.A., for unsafe and unsound practices and violations of law or regulation related to derivatives trading activities conducted on behalf of the bank by the Chief Investment Office (CIO). The OCC …

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Billions Now Available for Foreclosure Victims. Banks to Notify Consumers.

Ten mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $8.5 billion in cash payments and other assistance to help borrowers. The …

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Doubts Spread About Independent Foreclosure Reviews

by Paul Kiel ProPublica The idea behind the Independent Foreclosure Review seems simple. During the peak of the foreclosure crisis, the banks broke laws and made errors that hurt homeowners. In response, the government mandated they compensate the victims. But there is growing evidence some banks are playing a major role in identifying the victims …

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Beware of Omni Home Solutions and Rampart MMW Says Former Client

Darrell Neilander, a former client of the foreclosure/tust company/mass joinder companies Omni Home Solutions and Rampart MMW sent in the following contributed information in an effort to help inform others of his experience with two companies that are claiming to help save his property from foreclosure and get his home free and clear. I’ve written …

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Chase Bank Settles for Millions in Jacked Up Minimum Payment Case

JPMorgan has agreed to pay $100 million to dispose of a suit filed alleging that Chase Bank jacked up the minimum payments due on credit cards, improperly. The $100 million settlement is 45 percent of the $220 million in alleged up-front transactional fees that consumers paid for the promotional balance transfer loans. The suit alleges …

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Chase Stops Suing Consumers Over Debt

In a move that will most certainly not be permanent, JPMorgan Chase is reported to have stopped suing consumers over debts. The American Banker is reporting that almost overnight, suits to collect debts by Chase have nearly stopped. A rumor exists that the Office of the Comptroller of the Currency is looking into issues surrounding …

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Bank Of America Backs Off $5 Debit Card Fees After Anti-Fee Petition Skyrockets

Just one month ago I wrote about the implementation of debit card fees coming into play for big banks such as Chase, Wells Fargo and most notably Bank of America. Due to the change in a new government regulation that caps what banks can charge merchants for debit transactions they announced plans to implement a …

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Government to Bank of America, Wells Fargo, JPMorgan Chase – “You Suck at Loan Modifications.”

by Paul Kiel ProPublica The Obama administration’s mortgage modification program is more than two years old. From the beginning, it’s been apparent that the participating banks and mortgage servicers were breaking the program’s rules. The administration has long argued it has little power to do anything about it. But now, after millions of homeowners have …

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Would You Rather Work at Burger King or Be a Foreclosure Department Supervisor?

by Marian Wang, ProPublica For years, banks and other companies handling foreclosures have turned to cheap labor to process the growing volume of foreclosures. At JPMorgan Chase, they were called “Burger King kids“–walk-in workers hired to handle foreclosure proceedings. Many barely knew what a mortgage was and had only high-school educations. Prompted by a Financial …

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