In August 2017, the CFPB “ordered JPMorgan Chase to pay $4.6 million after the company failed to provide accurate screening reports,” which “kept consumers in the dark about the results of their reporting disputes and key aspects of their checking account application denials.” Chase “failed to provide accurate information to screening companies like Chex Systems and Early Warning Systems, which uses that information to determine whether or not someone can open a bank account.”  

• On August 2, 2017, the CFPB issued a consent order to JPMorgan Chase. [CFPB – JPMorgan Chase Bank, N.A, case no. 2017-CFPB-0015]

• “The Consumer Financial Protection Bureau (CFPB) today took action against JPMorgan Chase Bank, N.A. for failures related to information it provides for checking account screening reports. Banks screen potential customers based on reports about prior checking account behavior created by consumer reporting companies. Banks that supply information for those reports are legally required to have proper processes in place for reporting accurate information. Chase did not have these processes in place and kept consumers in the dark about the results of their reporting disputes and key aspects of their checking account application denials. The Bureau is ordering Chase to pay a $4.6 million penalty and implement necessary changes to its policies to prevent future legal violations.” [Press Release, Consumer Financial Protection Bureau, 08/02/17]

• “The United States Consumer Financial Protection Bureau (CFPB) has ordered JPMorgan Chase (JPM, -0.60%) to pay $4.6 million after the company failed to provide accurate screening reports. The bank failed to provide accurate information to screening companies like Chex Systems and Early Warning Systems, which uses that information to determine whether or not someone can open a bank account, according to a CFPB statement. The CFPB also found that JPMorgan Chase’s have inadequate processes for accurate reporting and kept customers in the dark on reporting practices.” [Lisa Marie Segarra, “JPMorgan Chase Ordered to Pay $4.6 Million Over Checking Account Reports,” Fortune, 08/03/17]