Chase Bank controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
Back to profile6 entries
2022
Houston doctor sues Chase over alleged denial of service
Lawsuit filed
Dr. Malika Mitchell-Stewart filed a lawsuit against JPMorgan Chase Bank and its First Colony branch, alleging that she was denied service and discriminated against because of her skin color. According to the lawsuit, employees treated her like a criminal after she presented a check. The filing describes the alleged denial of service and the alleged discriminatory treatment as occurring at the branch.
Dr. Malika Mitchell-Stewart sued JPMorgan Chase Bank and its First Colony branch, alleging that she was denied service and discriminated against because of her skin color. The lawsuit alleges that employees treated her like a criminal after she presented a check.
Company response
Apology — JPMorgan Chase
JPMorgan Chase said in a statement that the company is 'investigating the situation' and apologized for what Mitchell-Stewart went through.
Investigation — JPMorgan Chase
JPMorgan Chase said in a statement that the company is 'investigating the situation' and apologized for what Mitchell-Stewart went through.
Source excerpt
"As soon as Dr. Mitchell-Stewart showed employees at First Colony Branch her check, they immediately treated her like a criminal," the suit alleges.
Dr. Malika Mitchell-Stewart is suing JPMorgan Chase Bank and its First Colony branch in Sugar Land citing denied service and discrimination because of her skin color.
JPMorgan Chase said in a statement that the company is 'investigating the situation' and apologized for what Mitchell-Stewart went through.
2021
Chase reverses credit-card cancellation and apologizes for an error
Company response
Chase Bank stated that a letter notifying a customer that her credit cards would be closed was sent by mistake. According to the bank, it contacted the customer to acknowledge the error and apologized. The report states that Chase walked back the cancellation. The event was reported on September 2, 2021.
Chase said a letter notifying a customer that her credit cards would be closed was sent by mistake. The bank said it contacted the customer to acknowledge the error and apologized; the article reports that Chase walked back the cancellation.
Company response
Apology — Chase
“We’ve contacted our customer to let her know that we made an error,” a spokesperson for the bank said. “And we apologized for any inconvenience this caused.”
Source excerpt
Chase claims the letter was sent by mistake. The account holder was Flynn’s wife, Lori, the Daily Mail reports.
“We’ve contacted our customer to let her know that we made an error,” a spokesperson for the bank said. “And we apologized for any inconvenience this caused.”
In a move possibly triggered by news and social media pressures, Chase Bank has walked back its cancelation of Lt. Gen. Michael Flynn’s credit card.
2020
JPMorgan Chase Bank agrees to $250 million penalty over internal controls
Fine or penalty
JPMorgan Chase Bank, a unit of JPMorgan Chase & Co., agreed to pay a $250 million penalty over failures to maintain adequate internal controls and internal audit over its fiduciary business. The OCC said the deficiencies constituted unsafe or unsound practices and that the bank had remediated them.
Company response
Remediation — JPMorgan Chase Bank
The bank has remediated the deficiencies that led to this action.
Source excerpt
JPMorgan Chase Bank, N.A., a unit of JPMorgan Chase & Co., has agreed to pay $250 million penalty over the bank's failure to maintain adequate internal controls and internal audit over its fiduciary business.
These deficiencies constituted unsafe or unsound practices and resulted in a violation of 12 CFR 9.9, which requires a suitable audit over all significant fiduciary activities.
2020
OCC fines JPMorgan Chase $250 million
Fine or penalty
The Office of the Comptroller of the Currency fined JPMorgan Chase Bank $250 million after finding deficiencies in controls and risk management in its fiduciary business. The regulator stated that the bank had since remediated the problem. The penalty and the finding of deficiencies were announced by the OCC, which described the issue as relating to the bank's fiduciary business and noted that remediation had been completed.
Company response
Remediation — JPMorgan Chase Bank
the regulator said, adding the bank has since remediated the problem.
Source excerpt
The OCC found the bank's risk management practices were deficient and it lacked sufficient controls to avoid conflicts of interest, the regulator said, adding the bank has since remediated the problem.
The Office of the Comptroller of the Currency (OCC) on Tuesday fined JPMorgan Chase Bank $250 million for the bank's failure to "maintain adequate internal controls and internal audit" over its fiduciary business.
2010
Allegations of silver-market manipulation
Two lawsuits alleged that Chase and other banks manipulated silver prices on the COMEX by managing large positions in silver futures and options. The cited account records the allegations and litigation, but does not establish the claims as adjudicated facts.
1940
Investigation of transactions involving Nazi-era Reichsmarks
Declassified records described Chase National Bank's involvement, along with other financial businesses, in transactions involving discounted blocked Reichsmarks sold by Nazi Germany to German-American customers. The records indicated that some currency originated from assets taken from Jewish émigrés. The cited historical account says executives were investigated but not federally prosecuted.