JPM Executives Silent on Collections Problems

http://www.americanbanker.com/issues/178_134/jpmorgan-chase-executives-silent-on-collections-problems-1060577-1.html?CMP=OTC-RSS

JPMorgan Chase (JPM) executives are staying silent about the widespread problems in their credit card debt collections operations — and about what they are doing to fix them.
The nation's largest bank is awaiting a regulatory enforcement action over how it pursues borrowers who have appeared to fall behind on their credit card debt. It is also facing a California lawsuit charging that it has consistently taken procedural shortcuts and used inadequate paperwork and illegal "robo-signing" to support its collections activities.
JPMorgan Chase has shut down much of its collections operation as it awaits regulatory actions; in the past two years, it has stopped filing lawsuits to collect on charged-off consumer debt, and American Banker reported this month that the bank is no longer selling most bad debt to third-party collectors. But on Friday, Chief Executive Jamie Dimon and Chief Financial Officer Marianne Lake rebuffed repeated questions about the status of its collections operations.