JPMorgan Says Foreclosure Accord With Federal Reserve, OCC May Come Today
JPMorgan Chase & Co. (JPM), the second- biggest U.S. bank by assets, may settle an investigation into the bank’s foreclosure practices by federal regulators as early as today, executives said.
The bank took a $1.1 billion charge and may add as many as 3,000 employees to comply with the consent agreement, Chief Executive Officer Jamie Dimon and Chief Financial Officer Doug Braunstein told reporters on a conference call today after the bank reported a 67 percent increase in net income. The accord involves the Office of the Comptroller of the Currency and the Federal Reserve, the bankers said.
“They are going to issue some very significant changes,” Braunstein said. The agreement will address “weaknesses with our processes and controls” when the bank forecloses on overdue homeowners and cover the New York-based company’s use of affidavits, fees and documentation, he said.
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