JPMorgan Chase & Co. is quitting the refund-anticipation loan business as the controversial loan product faces increased regulatory scrutiny.

The New York banking company began notifying the roughly 13,000 independent tax preparers it works with of its decision this week, a spokesman said Wednesday.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.