Mr. Levin turns his attention to JPMorgan's outdated risk limits, which hadn't been updated since 2009. [Mr. Weiland concedes the matter.] The senator notes that the comptroller's rules require that banks' limits be updated annually.
Mr. Weiland says JPMorgan had been in the middle of a limit re-evaluation, though the senator asks incredulously, "For three years?" He responded, no, since the middle of 2011. "The change in the limit just did not take priority at the time," Mr. Weiland says.
That doesn't sit well with Mr. Levin, who fixes on the issue of JPMorgan regularly breaking outdated risk limits for 70 straight days, "despite O.C.C. regulation, which you ignored." He asks Ms. Drew if she knew that was the case, which she says she did.
"Why didn't you fix it?" he asks.
Ms. Drew responds that she was told that the limits were outdated and were in the process of being fixed.
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