Senators Seek More Clarity On Fed. Agency Settlements

Law360, New York (January 8, 2014, 6:28 PM EST) -- Following revelations that JPMorgan Chase & Co. would take a tax deduction on a large portion of its $13 billion mortgage settlement of 2013, a bipartisan Senate bill introduced Wednesday would require federal enforcement agencies to provide detailed accounting of the true value of any deal.

The Truth in Settlements Act introduced by Sens. Elizabeth Warren, D-Mass., and Tom Coburn, R-Okla., aims to force federal regulators to disclose the true value of settlements. In many cases, regulators inflate the size of settlements by failing to inform...
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