WASHINGTON — The Office of the Comptroller of the Currency said Wednesday it has fined JPMorgan Chase & Co. $2 million for unfair and deceptive retail credit practices related to its auto finance division.
The civil money penalty follows an earlier remedial plan that the bank implemented in consultation with OCC to distribute nearly $25 million to affected customers.
Regulators found that from January 2008 to May 2009, Chase Auto Finance used written scripts and high-pressure sales tactics that included oral statements that were materially false, deceptive or otherwise misleading, in violation of the Federal Trade Commission Act. The practices were related to the marketing and sale of credit protection products.
As part of the plan, the bank also took appropriate action to address and correct the violations and other deficient practices identified in the auto finance division and two other business lines, according to a press release.
