Another Chase settlement..

[CreditCuriosity]

http://www.marketwatch.com/story/jp-morgan-set-to-settle-credit-card-probes-2015-07-08

[pipeguy]

Ah you beat me posting by 3 minutes - looks like APR's are going up to cover "robo-signing" suits.... go figure.

This might explain what was in the works for the recent Chase tightening of Credit Card "standards" much discussed on these forums. 

Edit Add: Based on the Bloomberg story - ThIs time it's $166m, plus the last time and "forgiven debt" : 

JPMorgan Agrees to Pay $166 Million Over Debt-Collection Abuses - Bloomberg Business 

The settlement is JPMorgan’s second in two years over its debt-collection practices. In September 2013, the OCC ordered the bank to refund more than $300 million to customers. The company agreed to resolve the latest claims without admitting or denying wrongdoing.

Wonder if this counts all the 1099-C's they keep sending out....

[Anonymous]

Another settlement that will make lawyers rich and do squat for consumers.

[SOGGIE]

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@Anonymous wrote:

Another settlement that will make lawyers rich and do squat for consumers.

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What impact, if any, do you think the penalties will have on Chase cardholders? We already experience them tightening up somewhat by way of bucketed credit limits, with little or no limit increases.

[Anonymous]

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@SOGGIE wrote:

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@Anonymous wrote:

Another settlement that will make lawyers rich and do squat for consumers.

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What impact, if any, do you think the penalties will have on Chase cardholders? We already experience them tightening up somewhat by way of bucketed credit limits, with little or no limit increases.

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I think we will see more of the same. I wouldn't be surprised to see more and more denials and adverse actions on accounts they deem at risk.

[SOGGIE]

Irish you are probably right. In which case, their products will become less desirable to consumers.