After Having Let Off HSBC with an Inadequate Fine, Regulators Prepare to Let JPMC Off with No Fine

It has been less than 18 months since JP Morgan Chase was fined $88.3 million for–among other things–sending a ton of gold bullion to Iran.

Yet JPMC’s regulators are about to scold JPMC–and demand it improve the compliance programs it promised to improve 18 months ago–again.

Only, having found JPMC didn’t implement the promised compliance programs after being fined, JPMC’s regulators this time will not fine the bank for violating US law.

A U.S. regulatory probe of JP Morgan Chase & Co is expected to result in an order that the bank correct lapses in how it polices suspect money flows, in an action expected as soon as Friday, people familiar with the situation said.

The action would be in the form of a cease-and-desist order, whichregulators use to force banks to improve compliance weaknesses, the sources said.

The order is expected to be issued by the Office of the Comptroller of the Currency and the Federal Reserve.

JP Morgan is not expected to pay a monetary penalty, according to one person familiar with the situation.

This is what counts as seriousness from US bank regulators–ever quieting peeps when American banks openly flout the law (they’re a bit harsher with European banks, though still believe in forgiving such banks for things like material support to terrorism).

A teenager busted for shoplifting would pay more in fines than JPMC reportedly will pay for helping crooks–even alleged assassins–do their crime.


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2 Responses to After Having Let Off HSBC with an Inadequate Fine, Regulators Prepare to Let JPMC Off with No Fine

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bmaz @rwzh_ Don't know, would not be surprised in the least if it did. They constantly reminded all sides exactly where they were+GPS coordinates
bmaz RT @JudgeDillard: I take judicial notice of the fact that Die Hard is a Christmas movie (as well as being one of the greatest films ever ma…
bmaz @trabernlaw Indeed.
bmaz @trabernlaw "Hands up, don't shoot"!
bmaz RT @BradMossEsq: I'm cracking up watching journos and political operatives drool over what @MarkSZaidEsq and I helped @gawker get. https://…
bmaz @Popehat Trump?
bmaz @trabernlaw Yep, fought tooth and nail to get consistent audio even of confessions.
bmaz @ColMorrisDavis Fuck Bo Dietl. What a scumbag.
bmaz @oldmancoyote22 To my information, yes, Van Dyke only one of the 8 officers to discharge his firearm
bmaz @alexbelkins Oh, there is a coverup to be investigated for sure, but hyperbole and ranting doesn't help the cause.
bmaz @johnson_carrie No, not w/o the FOIA order. Also not indicted, is oddly charged via complaint, very unusual for 1st degree homicide.
January 2013
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