CFPB Orders Bank to Pay $4.6 Million Penalty for Violating FCRA Requirements for Checking Account Sc

On August 2, 2017, the Consumer Financial Protection Bureau (CFPB) ordered JPMorgan Chase Bank, N.A. to pay a $4.6 million penalty for failing to comply with obligations outlined in the federal Fair Credit Reporting Act (FCRA) related to the accuracy of information about consumer checking account behavior provided for checking account screening reports, according to a news release on the CFPB website.

The CFPB found Chase failed to have adequate policies in place regarding the accuracy of information reported about the checking account behavior of consumers, failed to provide results of investigations to consumers who disputed their information, and failed to tell consumers which consumer reporting company supplied the information resulting in denial of their checking account applications. FULL ARTICLE