OCC and FRB Issue Cease and Desist Order against JPMorgan Chase, N.A.

The Office of the Comptroller of the Currency ("OCC") and the Board of Governors of the Federal Reserve System ("FRB") have announced the issuance of several formal enforcement actions against JPMorgan Chase, N.A. and its bank holding company, JPMorgan Chase Co., in connection with the well-publicized derivatives losses previously suffered. In addition, JPMorgan Chase, N.A. and JPMorgan Chase Co. were the subject of enforcement actions requiring improvements to their AML procedures.

See: FRB Press Release; OCC Issues Cease and Desist Order against JPMorgan Chase, N.A., Related to Derivatives Trading Activity;OCC Issues Cease and Desist Order against JPMorgan Chase, N.A., Related to Bank Secrecy Act/Anti-Money Laundering.