JPMorgan Chase Settles Mortgage Claims for $13 Billion

, The National Law Journal

   | 1 Comments

Federal and state prosecutors issued a stern warning to banks as enforcement officials announced a record $13 billion settlement with JPMorgan Chase & Co. over its role in the financial crisis: Investigations are ongoing.

This article has been archived, and is no longer available on this website.

View this content exclusively through LexisNexis® Here

Not a LexisNexis® Subscriber?

Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via lexis.com® and Nexis®. This includes content from The National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at customercare@alm.com

What's being said

  • Mark Rome

    ?No firm, no matter how profitable, is above the law, and the passage of time is no shield from accountability.?

    Like so many banks, JPMorgan has ended up with multiple sources of policy, training, surveys, assessments and issue reporting hotlines.

    To ensure mega-banks implement and maintain a high performance culture of compliance after settling allegations of fraud and mismanagement, regulators should demand improved transparency into operations and request access to internal systems:
    1) Direct feed monitoring systems (e-mail, trades, etc.)
    2) Effective policy management (utilizing an online policy library)
    3) Ongoing culture assessment surveys
    4) Performance Scorecards (hard & soft metrics)
    5) Event management and reporting
    6) Annual certifications to the Code of Conduct

    Within every organization, decision making drives performance. Every employee comes to work every day and makes decisions that impact performance. These decisions, at every level of the organization, define the corporate culture and drive performance.

    An essential role of bank leadership should be to acquire data on how well individual roles align with corporate goals and strategy, and design incentives that encourage and reward performance, while enforcing compliance will applicable laws, rules and regulations?

    With the right tools and the right data, leadership can better understand its workforce to align the culture (decision making) with corporate goals and drive performance, and regulators should be keeping close watch.

Comments are not moderated. To report offensive comments, click here.

Preparing comment abuse report for Article# 1202628832466

Thank you!

This article's comments will be reviewed.