Two federal regulators are preparing a series of enforcement actions and fines against JPMorgan Chase stemming from its dealings with consumers during the recession in the latest legal woes facing the nation’s biggest bank, the New York Times DealBook blog reported yesterday. The regulators, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, plan to announce the actions as soon as next month. Under the terms of the civil orders, the bank will have to acknowledge internal flaws and dole out at least $80 million in fines. The most costly cases for JPMorgan center on concerns that the bank duped its credit card customers into buying products pitched as a way to shield them from identity theft. In separate actions reflecting their varied jurisdictions, the consumer bureau will levy a roughly $20 million fine, while the comptroller’s office is expected to extract about $60 million. In another set of actions, the regulators are targeting the bank for the way it collected overdue bills from consumers, the people said. It is unclear whether those cases will yield any fines.
