Every Thursday, Compliance Week puts a snarky spotlight on individuals, companies, and governments that “Failed It” in the areas of ethics and compliance during the week and gives out kudos to those that “Nailed It.” If we missed any or if you have any nominations for next week, let us know on Twitter (@ComplianceWeek) or in the comments section below.
Nailed It
JPMorgan Chase: The biggest issuer of Paycheck Protection Program (PPP) loans issued an all-company memo earlier this week encouraging employees to be “vigilant” regarding potential fraud under the program. That includes toward their peers, as the memo said the bank would be investigating cases where its employees could have been involved in fraud. “We’ve also seen conduct that does not live up to our business and ethical principles—and may even be illegal,” the memo reads. “This includes instances of customers misusing Paycheck Protection Program loans, unemployment benefits and other government programs. Some employees have fallen short, too.” While it wouldn’t be a good look if it comes out that a JPMorgan employee was involved in PPP fraud, the bank deserves a nod for getting ahead of such a situation and transparently acknowledging the potential misconduct. —Kyle Brasseur
