The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency have hit banking giants Chase Bank and JPMorgan Chase with a total of $389 million in fines for deceptive credit card practices.
According to charges brought by the OCC and the CFPB, Chase Bank USA and JPMorgan Chase Bank engaged in unfair billing practices for certain credit monitoring products by charging consumers for services they did not receive, often offering these services as “add-ons” to credit card accounts. As part of the enforcement action, Chase has agreed to refund $309 million to over 2.1 million Chase customers.
