* In order to avoid potential class-action lawsuit settlements and consequent bad public image, JPMorgan Chase is putting back a clause in its agreement with credit card customers that would require them to settle disputes with the bank through private arbitration instead of suing it, The New York Times reports. The change reportedly impacts nearly 47 million accounts, including those for Chase's Sapphire cards.
* Colorado-based hedge fund advisory firm Deer Park Road Management agreed to pay a $5 million penalty to settle the U.S. Securities and Exchange Commission's charges of "pervasive compliance failures" to address the risk of its traders either undervaluing securities or selling for a profit.
* Wells Fargo adopted a three-region model for its commercial banking business for simplicity. With Kyle Hranicky still leading the whole unit, Kristin Lesher will head the East region from Washington D.C., Laura Oberst will lead the Central region from Minneapolis, and John Manning will head the West region from Irvine, Calif.
* Former Municipal Credit Union CEO Kam Wong was sentenced to 66 months in prison and three years of supervised release and was ordered to forfeit $9.9 million for defrauding the New York-based credit union.
* Online lending startup Social Finance's Chief Marketing Officer Joanne Bradford, Chief Risk Officer Kevin Moss, and top capital markets executive Ashish Jain plan to leave the company in the coming weeks, The Wall Street Journal reports.
* American International Group named David McElroy president and CEO of its North American general insurance business.
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