This is America’s worst regulator (and JPMorgan’s best pal)

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This is America’s worst regulator (and JPMorgan’s best pal)

This is America’s worst regulator (and JPMorgan’s best pal)

Want to know how a megabank like JPMorgan gets away with so much garbage? This obscure regulator will infuriate you


SALON-

At times it doesn’t seem like JPMorgan Chase runs any legal businesses. The good news is that some in the federal government appear to be slowly catching up to their illicit enterprises. Unfortunately, there’s one regulator whose negligence is beyond problematic, and damaging the country. Meet Thomas Curry, head of the Office of the Comptroller of the Currency (OCC).

The OCC is the obscure yet powerful primary regulator for JPMorgan Chase and other national banks — and is frankly the reason why JPMorgan believes it can run multiple illegal businesses and get away with it. The OCC has been more of the mega-bank’s pal within the government, rather than a tough-minded regulator. And a settlement in yet another case of malfeasance at JPMorgan, released late last week, shows that nothing has changed.

The case involves litigation practices by JPMorgan in various collections, and a failure to comply with the Servicemembers Civil Relief Act (SCRA), a statute that protects members of the military in financial transactions. It turns out that JPMorgan conducted its credit card, auto and student loan collections in the same illegal fashion as it did its foreclosure operations: using affidavits where low-level employees testified to personal knowledge of the cases without actually knowing anything about them.

[SALON]

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3 Responses to “This is America’s worst regulator (and JPMorgan’s best pal)”

  1. keepon says:

    Salon: Weds. 9/25/13 David Dayen

    “The Collections Litigation Account Review resembles the Independent Foreclosure Review, where JPMorgan Chase and other banks, also under the supervision of the OCC, were supposed to review their records of foreclosure cases to determine if their borrowers were harmed. That turned into … a (Tom Curry) debacle.

    This negligence is particularly stark considering how many others are finally onto JPMorgan’s shenanigans. Just over the past week, it paid $920 million in fines and admitted fault in the aforementioned London Whale case; paid another $389 million in fines and reimbursements over charging credit card customers for services they never received; were informed of an imminent enforcement action over their manipulation of the commodities market; faced bribery investigations over hiring the children of well-connected Chinese politicians; faced another investigation from the state of Massachusetts over credit-card collection practices; were uncovered as the main beneficiary of ultra-cheap borrowing from the Federal Home Loan Banks, a program meant to help small community-based lenders; and just yesterday, learned of a civil lawsuit from the U.S. Justice Department over selling mortgage-backed securities to investors without informing them of the poor quality of the loans in the portfolio.”

    Since Tom Curry, OCC regulator, has ‘signed on’ to the Ponzi, he needs to be criminally charged with his cohorts. Simple. See if that sobers that feigned dopey expression he’s perfected in these 2 yrs. of aiding and abetting the crooks. Dump this agency; it’s a fraud! The banks steal, the OCC legitimizes it.

  2. Charles Reed says:

    I presented the OCC with three forgeries and a confession to the forgeries by Wells Fargo Bank in a letter that I also supplied to the OCC, and they said it was a civil matter and to get an attorney.

    How is it possible that a bank can admit to their regulator that yes we committed the crime but so what is the action!

  3. Sarah says:

    Susan Webber’s suggestion of metaphorically burning the OCC to the ground still makes the best sense.

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