JPMorgan Chase has fulfilled nearly all of its required 4 billion dollar consumer relief obligation under the terms of the 2013 Residential Mortgage-Backed Securities Settlement, according to a report from the office of independent monitor Joseph A. Smith, Jr. released today. In Smith’s seventh report on the update of Chase’s progress toward fulfilling the settlement obligations, he credited the bank with more than 126 point 2 million dollars in consumer relief to almost 3 thousand 700 borrowers through the end of the second quarter of 2015.
The bank is well on track to fulfill its consumer relief obligation under the terms of the settlement by the deadline of December 31, 2017. Through seven reports covering up until the end of Q2 2015, Smith and has team have credited JPMorgan Chase with more than 3 point 68 billion dollars in consumer relief to almost 162 thousand borrowers, giving the bank two and a half years to provide the remaining 320 million dollars.
As more evidence that the effects of Dodd-Frank have been more harmful than helpful to businesses on Main Street, the House Financial Services Committee presented two recently-published reports this week: One from the Federal Reserve Bank of Dallas and a non-partisan study from the Government Accountability Office. Both reports found that Dodd-Frank has placed a much greater regulatory compliance burden on community banks and smaller institutions.