Chase pays $4.6M for FCRA violations
The CFPB has reported that it has taken action against JPMorgan Chase Bank, N.A. for failures related to information it provides for checking account screening reports. The Bureau said that Chase broke the law by failing to comply with its obligations outlined in the Fair Credit Reporting Act and section 1022.43 of Regulation V by not having adequate policies in place regarding the accuracy of information it reported about consumers’ checking account behavior. The Bureau also said that Chase failed to provide consumers who disputed their information with the results of its investigation, and failed to tell certain consumers which consumer reporting company supplied the information that resulted in Chase’s denial of their checking account application.
Under the Consent Order issued by the Bureau, Chase will pay a $4.6 million civil money penalty. Chase is also required to ensure that it reports accurate information on consumers' checking account behavior, inform consumers of investigation outcomes in the event of consumer disputes regarding such information, and provide consumers with contact information for the consumer reporting company from which Chase obtained information used to deny an application for a deposit account.