J.P. Morgan to Cull Business Clients

October 9, 2013
Wall Street Journal  
payday lending news

JPMorgan Chase is seeking to rein in lending to pawn shops, payday lenders, check cashers, "buy here pay here" auto dealerships, and third-party payment processors as it moves to tighten controls in the face of greater regulatory scrutiny.

The bank's internal audit of its commercial-lending clients likely will end with JPMorgan Chase distancing itself from companies that pose a greater risk of fraud or money laundering or that could potentially undermine the bank's reputation. It reportedly has already cut business ties with payday loan and pawn shop operator Cash America International, with additional severed relationships likely to follow.

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