Nov. 24 (UPI) -- A federal bureau in the U.S. Treasury Department fined JPMorgan Chase Bank $250 million in a civil penalty Tuesday for failure to maintain adequate internal controls.
The Office of the Comptroller of the Currency said it found JPMorgan Chase's risk management practices were deficient and it lacked a sufficient framework to avoid conflicts of interest.
"For several years, the bank maintained a weak management and control framework for its fiduciary activities and had an insufficient audit program for, and inadequate internal controls over, those activities," the office said in its consent order.
"Among other things, the bank had deficient risk management practices and an insufficient framework for avoiding conflicts of interest. As a result of the foregoing misconduct, the bank violated 12 C.F.R. 9.9 and engaged in unsafe or unsound practices that were part of a pattern of misconduct," the order said.
The order was the second time in the last 60 days JPMorgan Chase was hit with a large settlement over its business conduct. The bank was fined $920 million to settle investigations by three federal agencies that found the bank connected to manipulations of the global markets in metals and the U.S. Treasury.