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JPMorgan Chase's decision to freeze much of its credit card debt collection operations ahead of regulatory actions appears to have cost it hundreds of millions of dollars.
July 8 -
JPMorgan Chase has stopped selling most of its bad loans to third-party collectors in recent months as it braces for regulatory action over its credit card debt collections practices.
July 1 -
Robo-signed affidavits and sloppy legal work led the bank to halt court claims. The errors cast doubt on billions of dollars in judgments.
March 12 -
JPMorgan Chase & Co. has quietly ceased filing lawsuits to collect consumer debts around the nation, dismissing in-house attorneys and virtually shutting down a collections machine that as recently as nine months ago was racking up hundreds of millions of dollars in monthly judgments.
January 10
JPMorgan Chase (JPM) executives are staying silent about the
The nation's largest bank is
JPMorgan Chase has shut down much of its collections operation as it awaits regulatory actions; in the past two years, it has
"We're not going to comment on any specific discussions or issues with regulators," bank spokesman Joe Evangelisti told reporters during a conference call on Friday, jumping in each time Dimon and Lake were asked to discuss the bank's collections operations.
JPMorgan said in a May regulatory filing that it awaits an enforcement action from the Office of the Comptroller of the Currency relating to "certain nonmortgage consumer collections practices."
