Massachusetts Reviews JPMorgan Collection Practices

Massachusetts is conducting an independent investigation of JPMorgan Chase's debt collection practices, a source told The Wall Street Journal.

The U.S. Office of the Comptroller of the Currency recently announced JPMorgan Chase will be a total of $920 million in fines to settle federal regulatory claims associated with billions of dollars in losses and subsequent attempts to cover them up.

The OCC ordered the bank to inform customers when their debt was sold to another company and to improve in-house record keeping. The regulator ordered the bank to inform employees properly about lawsuits affecting them.

The Massachusetts investigation is independent of several concurrent and recently concluded investigations into collection activities at the bank, the Journal said Saturday. JPMorgan declined to comment on the issue, the newspaper said.

Separate from these efforts, 13 states - led by Iowa Attorney General Tom Miller - are investigating collections at JP Morgan Chase.

The Consumer Financial Protection Bureau is investigating JPMorgan Chase as part of an industry-wide look into collections. The CFPB is looking specifically into practices at JPMorgan Chase involved in credit card collections.

In a case still pending, California in May filed a lawsuit that accuses JPMorgan Chase of illegal debt collection activities involving 100,000 customers.