J.P. Morgan Pays $48 Million to Close Regulatory Order on Mortgage Servicing
January 05 2016 - 2:23PM
Dow Jones News
By Emily Glazer
The Office of the Comptroller of the Currency said J.P. Morgan
Chase & Co. would pay a $48 million civil penalty to end a
regulatory order against the bank related to mortgage-servicing
matters.
EverBank, a Jacksonville, Fla., lender, also is exiting a
so-called consent order with the OCC, paying $1 million as a civil
money penalty to the bank regulator.
The termination of the orders will end business restrictions on
the banks that were mandated by 2015 amendments to previous
enforcement actions. "We've worked very hard over the last several
years to make changes that will further enhance the customer
experience," J.P. Morgan spokeswoman Amy Bonitatibus said in a
statement.
Other large financial institutions still face business
restrictions from earlier mortgage-servicing related enforcement
actions, including HSBC Bank USA, Santander Bank, U.S. Bank and
Wells Fargo & Co.
Other big banks already had the consent order terminated around
six months ago, such as Bank of America Corp., Citigroup Inc. and
PNC Financial Services Group Inc.
Write to Emily Glazer at emily.glazer@wsj.com
(END) Dow Jones Newswires
January 05, 2016 14:08 ET (19:08 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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