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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Emptywheel Twitterverse
bmaz @ThePlumLineGS @brianbeutler I do! It has been very good to me. Remember I'm on your side, But @jadler1969 has better shot than you think.
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emptywheel @chinahand But it's prolly also likely if DOJ tries to take more charges w/o forcing reporter testimony.
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bmaz @ThePlumLineGS @brianbeutler Meh, if this thing goes beyond the Chevron analysis, you have lost. And Bagley/Tribe won't save you.
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emptywheel @chinahand Well, IMO it's how they got from 1 or 2 charges to 7 &--importantly--jurisdiction for all in EDVA.
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bmaz @ThePlumLineGS @brianbeutler Post hoc evidence not relevant.
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emptywheel @bmaz I'm sure it is important. Internet records prolly are important. @astepanovich
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bmaz @astepanovich @emptywheel She does view it as "important" though.
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bmaz @ThePlumLineGS @brianbeutler After the fact? If they are arguing that as significant on King? Yes, absolutely.
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bmaz @ThePlumLineGS @brianbeutler Them self servingly arguing that is of no necessary moment. b/c they support "your view" doesn't make "serious"
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bmaz @brianbeutler @ThePlumLineGS You are doing fine, and so is Greg! That is why I read you.
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bmaz RT @OrinKerr: Judge in the Barrett Brown case explains the sentence calculation: http://t.co/UzE0un7gb1
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emptywheel @astepanovich Yes. But credit card program would not, as described, count as bulk, even if it collects all intl transfers @Robyn_Greene
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