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JPMorgan Ordered To Fix Debt Collection Practices

wochit business
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September 19, 2013 AT 6:36 AM
U.S. bank regulators ordered JPMorgan Chase & Co to improve its debt collection practices, as the bank also agreed to pay $920 million in penalties to resolve liabilities from its "London Whale" derivatives trading losses last year. The order, made public recently, addresses errors in how the bank pursued credit-card debts in court, but does not provide details of how extensive the problems were.