Links in “Department of Justice”
- Record $13B JPM Settlement Reportedly in the Works
Sources say JPMorgan Chase and the Department of Justice are close to finalizing a record $13 billion settlement deal for various matters, including misrepresenting the quality of loans underlying its bonds. [10/21]
- SARs: Now Everybody’s Doing It
Financial institutions aren't alone in their filing of suspicious activity reports; the Justice Department has launched the Nationwide Suspicious Activity Reporting Initiative, which has resulted in a flood of reports, especially about people taking pictures of dams and other public structures. [9/25]
- The Marijuana Banking Conundrum
Recreational marijuana use is now legal in Colorado and Washington, and medical usage is legal in a number of other states. However, federally insured credit unions and banks that process monetary transactions resulting from marijuana sales could be at risk of violating federal drug racketeering laws. At a Senate hearing yesterday, Justice Department Deputy Attorney James Cole stated that the Department will work with the federal banking regulators to find a way that these financial institutions can conduct legitimate marijuana transactions without fear of prosecution. [9/11]
- DOJ Uses Testers in Housing Case
Side by Side-like test used to establish different treatment. Case is against apartment complex and property manager, but testing principle merits fair lending consideration for financial institutions. [8/15]
- Closer Look at Justice Department’s Fraud Initiative Reveals Overstated Results
Justice Department's touted successes of its crackdown on fraud schemes targeting struggling homeowners resulted in charges against 107 criminal defendants, not the 530 originally reported; Bloomberg story prompts closer scrutiny. [8/13]
