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CFPB slaps JPMorgan Chase over checking account screening

Joe Mont | August 9, 2017

The Consumer Financial Protection Bureau has announced a consent order with JPMorgan Chase Bank for alleged failures related to information it provides for checking account screening reports.

The Bureau is ordering Chase to pay a $4.6 million penalty and implement necessary changes to its policies to prevent future legal violations.

Banks screen potential customers based on reports about prior checking account behavior created by consumer reporting companies. Banks that supply information for those reports are legally required to have proper processes in place for reporting accurate information. “Chase did not have these processes in place and kept consumers in the dark about the results of their reporting disputes and key aspects of their checking account application denials,” a CFPB statement says.

Chase is a national bank based in Columbus, Ohio that... To get the full story, subscribe now.