JPM slaps unjust charges on customers. Feds say, “bad boy!”


Johannes Eisele/AFP

Federal bank examiners considered levying fines and sanctions when JPMorgan Chase informed them last year that faulty overdraft charges caused by a software glitch had impacted roughly 170,000 customers…

Rather than openly penalizing Chase, the nation’s largest bank, OCC officials decided to issue a quiet reprimand — a supervisory letter — that would go into the bank’s file and stay out of public view, according to the people and regulatory paperwork…

Since 2017, when President Donald Trump took office, the OCC has found at least six banks wrongly charged overdrafts and related fees, but in each case, the agency quietly rebuked the bank rather than pushing for fines and public penalties, the investigation by ProPublica and The Capitol Forum shows.

RTFA for details on each bank. The OCC was asked if they wished to defend their practices. And said they don’t comment publicly on confidential decisions.

FACEBOOK ain’t cracking down on their favorite rightwing bigots

Several data scientists have quit their jobs at Facebook following the presidential election over frustration at the company’s unwillingness to crack down on hate speech and misinformation coming from right-leaning pages. In a goodbye note they wrote and shared companywide, as seen by BuzzFeed News, the departing employees specifically said their extensive efforts to put out flames have been meaningless because of Facebook’s, “very apparent interest in propping up actors who are fanning the flames of the very fire we are trying to put out.”

They concluded that, while Facebook has continued developing its automated tools and been successful at reducing violence reports through targeted interventions, it’s never going to be enough so long as the company continues turning a blind eye to hateful content shared by the likes of Trump and right-leaning pages…

Surprise, surprise. Smoke and mirrors are generally sufficient to ease consciences for advertisers…and Zuckerberg. Time will tell if the unruly horde of users will act up and reduce FB profits.