The United States Federal Reserve announced on 11 December 2025 the termination of multiple formal enforcement actions against Credit Suisse entities and JPMorgan Chase & Co; the actions had been terminated on 2 and 4 December 2025.
Among the actions closed, the Fed terminated a 2020 written agreement with Credit Suisse Group AG and its affiliated US entities — Credit Suisse AG, Credit Suisse Holdings (USA), and Credit Suisse AG New York Branch — alongside a separate 2014 cease and desist order against Credit Suisse Group AG. In the same announcement, the Federal Reserve also terminated a 2024 cease and desist order against JPMorgan Chase & Co, which had been in force since 8 March 2024 — about 21 months — and related to the bank's inadequate programme for monitoring firm and client trading activity.
THE CREDIT SUISSE ENFORCEMENT HISTORY
The 2014 cease and desist order against Credit Suisse Group AG originated from the institution's guilty plea in that same year to conspiring to assist US taxpayers in evading federal income taxes. The 2020 written agreement, which also involved the New York State Department of Financial Services, addressed deficiencies in the compliance risk management and anti-money laundering programme of Credit Suisse's US operations identified in a 2019 New York Fed examination.
The Credit Suisse entities named in the December terminations had, by 11 December 2025, been absorbed into UBS following the emergency government-brokered acquisition of Credit Suisse by UBS in 2023.
JPMORGAN'S TRADE-SURVEILLANCE ORDER The JPMorgan Chase cease and desist order, dated 8 March 2024, accompanied a Federal Reserve penalty of about $98.2 million for an inadequate programme to monitor firm and client trading activity for market misconduct between 2014 and 2023, part of penalties totalling about $348.2 million with the OCC. The Fed terminated the order on 4 December 2025, about 21 months after it was imposed.
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