JPMorgan agrees to refunds and fine over improper credit card charges

{mosads}The enforcement action began under the Office of the Comptroller of the Currency, and was later passed off to the CFPB. The improper billing spanned a period from 2005 to 2012, the consumer watchdog agency said. The OCC assessed its own $60 million penalty on the bank.

Under the settlement, the bank agreed to refund $309 million to 2.1 million customers, and another $20 million in civil penalties. The CFPB said that latter amount was reduced after JPMorgan agreed to cooperate and work to address the issues. The bank vowed to improve its oversight of third-party vendors, as well as submit to an independent compliance audit, the CFPB said.

The credit card settlement came on the same day that JPMorgan agreed to $920 million in fines to settle claims from several financial regulators tied to the multibillion-dollar losses stemming from its “London Whale” trade.

This post updated at 1:50 pm.