OCC Announces Enforcement Actions for March 2024 — 2024-03-20

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises. The OCC uses enforcement actions against banks to require the board of directors and management to take timely actions to correct the deficient practices or violations identified. Actions taken against banks are: Cease and Desist Order and Civil Money Penalty against JPMorgan Chase Bank, N.A, Columbus, Ohio, for deficiencies in its trade surveillance program. The assessed civil money penalty is $250 million. Refer to OCC News Release 2024-25. (Docket No. AA-EC-2023-49 and AA-EC-2023-50). The OCC uses enforcement actions against an institution-affiliated party (IAP) to deter, encourage correction of, or prevent violations, unsafe or unsound practices, or breaches of fiduciary duty. Enforcement actions against IAPs reinforce the accountability of individuals for their conduct regarding the affairs of a bank.