The U.S. Office of the Comptroller of the Currency (OCC) is fining JPMorgan Chase (NYSE: JPM) $250 million for having poor risk management practices and internal controls relating to its fiduciary activities. The consent order states that JPMorgan, America's largest bank, had an "insufficient audit program" as well as "deficient risk management practices and an insufficient framework for avoiding conflicts of interest." By saying fiduciary activity, the OCC is likely referencing JPMorgan's asset and wealth management division, but it's a bit unclear which one specifically. According to the consent order, JPMorgan Chase operates one of the most complex fiduciary businesses in the world, with total fiduciary assets (meaning those invested on behalf of clients) of $1.3 trillion. Image source: JPMorgan Chase. But at the end of the third quarter, JPMorgan Chase reported roughly $2.6 trillion in assets under its asset and wealth management division, which it lumps together on its balance sheet and quarterly filings. CNBC reports that the issues mentioned in the consent order relate to the bank's wealth management division. The consent order states that the bank neither denies nor admits to the OCC's allegations, and that the bank has corrected the issues that initially led to this order. The order from the OCC is not exactly a surprise, as JPMorgan Chase warned in its most recent quarterly filing that it could be facing another civil penalty order related to its internal controls. The civil penalty order is the second one the bank has paid in the last three months. In September, JPMorgan paid $920 million to atone for manipulative options trading in a practice known as "spoofing." The fine is the largest ever for a spoofing violation. 10 stocks we like better than JPMorgan ChaseWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and JPMorgan Chase wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source