JPMorgan to pay $389M over misleading ID service

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Associated Press

Posted on September 19, 2013 at 12:02 PM

Updated Thursday, Sep 19 at 12:04 PM

WASHINGTON (AP) — Federal regulators have ordered JPMorgan Chase to pay $80 million in fines and about $309 million in refunds for billing customers for identity theft protection they never received.

The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau announced an agreement Thursday with the biggest U.S. bank. The agencies said about 2.1 million credit card customers were affected by the illegal practice.

The bank enrolled customers in credit monitoring services and charged them for it without getting written authorization from the customers, or before receiving it, the regulators said.

JPMorgan also agreed to take steps to correct problems.

Also Thursday, regulators announced JPMorgan will pay $920 million and has admitted that it failed to monitor trading that led to a $6 billion loss.

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