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Sept. 23, 2013 – The CFPB last Thursday ordered Chase Bank USA and JPMorgan Chase to refund about $309 million to more than 2.1 million customers over illegal credit card practices.

This administrative action is the outcome of work initiated by the Office of the Comptroller of the Currency, which the CFPB later joined. The OCC and CFPB found that Chase carried out deceitful billing practices for some credit card "add-on products" by charging consumers for credit monitoring services that they never received.

"At the core of our mission is a duty to identify and root out unfair, deceptive, and abusive practices in financial markets that harm consumers," said CFPB Director Richard Cordray. "This order takes action against such practices and requires Chase to fully refund more than $300 million to consumers who were charged illegal fees."

As a result of the deceitful billing methods, Chase is required to make a $20 million penalty payment to the CFPB's Civil Penalty Fund. The fund was established by the Dodd-Frank Act to compensate victims of those violating federal consumer financial protection laws, especially if they are not being compensated by other sources.

The CFPB's order also requires that Chase strengthen its management of third-party vendors who manage these identity protection products.

CFPB announced its order the same day reports said JPMorgan is being fined $920 million to settle charges related to its "London Whale" trading losses.