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OCC hits JPMorgan Chase with $250M CMP

Columbus, OH
11/24/2020
Fine Amount: 
$250,000,000
Penalty Type: 
Issued by: 

The OCC issued a Consent Order to JPMorgan Chase Bank, National Association, with an order to pay a civil money penalty of $250 million, for engaging in unsafe or unsound practices, including those relating to internal controls and internal audit for its fiduciary activities, and for violating 12 CFR §9.9 (Fiduciary Activities of National Banks - Audit of fiduciary activities).

The OCC found, and the bank neither admits nor denies:

  1. The Bank maintains one of the world’s largest and most complex fiduciary businesses with total fiduciary and related assets of $29.1 trillion, including $1.3 trillion in fiduciary assets and $27.8 trillion of non-fiduciary custody assets.
  2. For several years, the Bank maintained a weak management and control framework for its fiduciary activities and had an insufficient audit program for, and inadequate internal controls over, those activities. Among other things, the Bank had deficient risk management practices and an insufficient framework for avoiding conflicts of interest.
  3. As a result of the foregoing misconduct, the Bank violated 12 C.F.R. § 9.9 and engaged in unsafe or unsound practices that were part of a pattern of misconduct.
  4. The Bank has remediated the deficiencies that led to the order

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