The Consumer Financial Protection Bureau on Aug. 2 issued a consent order against JPMorgan Chase Bank NA, in connection with its credit reporting activities for consumer deposit accounts.
The regulator also ordered the bank to pay a civil money penalty of $4.6 million.
The CFPB claims the JPMorgan Chase & Co. subsidiary had failed to establish or implement appropriate procedures to ensure the accuracy of the data it gives to nationwide specialty consumer reporting agencies. Furthermore, consumers who filed direct disputes about their information were not provided the results of the bank's investigation. The Bureau's review also showed that deposit account applicants who had been rejected were issued incomplete adverse action notices.
The bank neither admitted nor denied the findings.