An internal review by JPMorgan Chase & Co. identified procedural issues related to collections, but the issuer on March 13 defended the overall integrity of its recordkeeping.
The statement by the bank followed a PaymentsSource article that casts doubt on the reliability of its recordkeeping with respect to credit card litigation and collections (see story).
The bank's statement suggests the review began as a result of mortgage-documentation problems that plagued it and other large financial institutions last year.
"Following issues raised with mortgage documents, we conducted an internal review across the firm and found other procedural issues," credit card division spokesperson Paul Hartwick said in an email. "We immediately alerted our regulators and worked to address them. We have since done a number of tests and found that in the overwhelming majority of cases, the amount collected from customers was correct."
The bank declined to provide further detail.
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