California Reinvestment Coalition Comments on JP Morgan Chase CRA Exam
San Francisco, CA- Sept. 11, 2015: Last month, CRC sent an in-depth letter to regulators, commenting on JPMorgan’s 2015 Community Reinvestment Act exam.
While acknowledging some positive reinvestment activities by the bank, CRC also cites a number of concerns including:
-Chase’s lack of a CRA plan (despite peer banks and even smaller banks having one);
-Chase’s enabling displacement via financing REO to Rental;
-Chase’s non-responsiveness to data and meeting requests by CRC;
-Concerns about the potential for the bank to “double dip” in earning CRA credit for activities the bank agreed to as part of mortgage settlements;
-Chase earning nearly $3 million annually from charging ATM fees to CalWORKs recipients;
-a high number of CFPB complaints; and
-the extent to which the bank’s small business lending is not adequately serving California’s small business owners.