JPMorgan Chase fined $80 mn for unfair fraud-protection bills

JPMorgan Chase charged the credit-card customers monthly fees ranging from $7.99 to $11.99 for add-on services, that were not performed

US regulators today ordered banking giant JPMorgan Chase to pay $80 million in penalties for billing about 2.1 million consumers for identity theft protection they did not receive.

JPMorgan charged the credit-card customers monthly fees ranging from $7.99 to $11.99 for add-on services, such as "identity theft protection" and "fraud monitoring," even though the services were not performed, the Consumer Financial Protection Bureau in a statement.

The CFPB ordered JPMorgan to pay a $20 million fine. The Office of the Comptroller of the Currency, a partner in the action, ordered the bank to pay a $60 million penalty.

Both agencies separately ordered JPMorgan, the largest US bank by assets, to refund an estimated $309 million to the affected credit-card customers.

"At the core of our mission is a duty to identify and root out unfair, deceptive and abusive practices in financial markets that harm consumers," said CFPB Director Richard Cordray.