Orbittech Solution Pvt. Ltd.

22/12/2014

Its always an good feel when you reward your team ......n motivate them to keep rising .......

04/03/2014

Vote on Account 2014: Steps needed to salvage the Indian BPO industry

The past five years have seen the Indian BPO industry facing stiff competition from BPO service provider environments like Philippines, Ireland, Brazil, Canada and Poland. To illustrate with numbers, the voice segment in India has lost about 10% market share to the rest of the world in the BPO space according to reports by industry body NASSCOM.

The largest spender on BPO globally is the banking and capital market industry vertical. Delhi National Capital Region (NCR) has lost its pole position as the most preferred BPO destination in the global banking and capital market space to Manila in Philippines. Although overall India still retains the number 1 position in the BPO sourcing landscape, will we be able to retain this pole position?

Here's a look at some of the challenges the industry is facing today:

BPO Service Buyers Environment: Outsourcing to India has become the focus of mainstream political rhetoric/narrative within many of the major outsourcing economies. The legislators are continually talking about about bringing regulations to protect domestic jobs. This idea is more prevalent in USA, the largest buyer of India's BPO services. In this environment, companies are facing immense pressure and PR image issues to project a patriotic Image and resort to near shore sourcing.

Rising Costs: Coupled with this unfavourable socio-economic environment, is the fact that, the cost base to provide BPO services from India has risen significantly. It has in fact risen to an extent that Poland, Ireland and some East European countries are able to compete with Indian service providers as being almost equally cost effective alternatives. Now, there is a need to find more economically viable locations.

Slowing Growth: In 2013, the $13 billion Philippines BPO industry grew by 15.6%, compared with the 8.9% growth of India's $20-billion BPO space. While the Indian BPO Industry has matured in many ways including an increased array of offerings, non-linear growth and innovative outcome based pricing models, there is scope to adopt creative sourcing strategies like Impact Sourcing.

Is Impact Sourcing a solution?

To sustain and increase BPO industry growth rates, and to withstand international competition, the Indian BPO industry has started to consider employing various strategies including scaling up the value chain, increasing the absolute numbers of skill pool availability, bringing the training and access to niche skills to a larger group of trainable population, setting up Rural BPOs and employing Impact Sourcing (IS). Impact Sourcing in the BPO context can be referred to as initiatives such as rural BPOs, which encourages the the mainstream companies to hire excluded population, and setting up specialized BPOs for vulnerable communities like the disabled.

All of the above mentioned strategies require a deep commitment and participation of both public and private organizations. Especially, setting up of Rural BPOs and developing a strong network of Impact Sourcing Service Providers (ISSPs). Though Impact Sourcing began in rural communities in India, where BPOs employ people with talent but very limited job opportunities, the idea is yet to become mainstream, and definitely requires Government's commitment and encouragement for adoption. All of the above mentioned strategies require a deep commitment and participation of both public and private organizations. Especially, setting up of Rural BPOs and developing a strong network of Impact Sourcing Service Providers (ISSPs). Though Impact Sourcing began in rural communities in India, where BPOs employ people with talent but very limited job opportunities, the idea is yet to become mainstream, and definitely requires Government's commitment and encouragement for adoption. There are some major challenges faced by this sector like lack of initial demand for services, paucity of skilled resources, inadequate government support and under-developed rural infrastructure.

Initial demand for ISSP's offerings can be created by following the governments of Karnataka and Tamil Nadu, who devised a targeted rural BPO policy. Governments and Public Sector companies can play a vital role in the process by creating an initial demand for services. For instance, Governments can outsource some of the work which involves data entry and digitization.

03/03/2014

Healthcare BPO Market Payer, Provider & Pharmaceutical - Trends & Forecasts (2013 - 2018)

The payer market is segmented into claims processing, member services, HR services, and finance and accounts segments. Claims processing is an important service segment in the payer outsourcing market. It is further sub-divided into claims indexing, claims investigation, claims adjudication, claims repricing, claims settlement, litigation management, and information management. The provider market is segmented into medical billing, medical coding, medical transcription, and finance and account segments. The pharmaceutical outsourcing market is segmented into contract research organizations (CRO), contract manufacturing organizations (CMO), and business support services.

Each service segment in the pharmaceutical outsourcing market is divided into further sub-segments. The CRO service segment is sub-divided into drug discovery, pre-clinical, clinical phases I, II, III and IV, clinical data management and biostatistics, medical writing, regulatory services, and non-clinical functions. The CMO service segment is sub-divided into API manufacturing, and formulation and packaging. The non-clinical service segment is sub-divided into supply chain management and logistics, sales and marketing, and non-clinical functions. The report also highlights the marketing KPO function in the sales and marketing outsourcing segment.

The source geographies are the U.S., Europe, and Rest of the World. The destination geographies are India, China, the U.S., Europe, Philippines, LATAM, Middle East, and Rest of the World. The U.S. accounts for the largest share in the healthcare BPO market. The report maps each of the above mentioned service segments and sub-segments according to its contribution to each source and destination segment.

20/02/2014

Crash of 2014: Like 1929, you’ll never hear it coming-- Farrell Paul.

Yes, crashes will keep coming: History lesson: The 1929 crash led to the Great Depression. On March 20, 2000 we warned: “Next crash? Sorry, you’ll never hear it coming.” Few listened. The 1990’s dot-com mania led to Wall Street losing $8 trillion in the 2000-2003 bear-market recession. Nothing changed. Another round of warnings roared from 2004 into 2008. Few listened. Another crash. Wall Street lost even more, $10 trillion.

Through much of 2013, pundits warned how bad the market really was. Then in December the Wall Street Journal revealed that after 13 years in negative territory, Wall Street’s “Lost Decade” (which lasted from the 2000 crash to the end of 2013), finally broke even on an inflation-adjusted basis.

Fearing 1929, investor sentiment swung wildly through holidays

And here we are panicking again, fearing that 1929 will repeat in 2014: Wall Street, Main Street, tens of millions of Americans, the Fed, SEC, all of Washington. Yes, outward calm. Inside? You guessed it, total Panicville. Especially following Mark Hulbert’s thought-provoking: “Scary 1929 market chart gains traction.”

But even scarier? That “consensus,” the “predictably irrational” defense the bulls countered with in “Consensus on ‘scary’ 1929 chart: Enough already, it’s not happening.” For one thing, that so-called “consensus” actually proves Hulbert’s point: Investors really are worried he’s onto something, afraid the market may indeed be close to repeating the 1929 crash.

Never trust a “consensus,” they invariably miss the mark, prove nothing. Any so-called consensus of “predictably irrational” readers and some professional traders must be suspect. Remember Profs. Terry Odean and Brad Barber’s research conclusions: Most traders lose money more than 80% of the time? You can’t trust a “consensus.”

Stop playing musical chairs in an unpredictably irrational casino

We’ve been tracking cycles, trends, waves, patterns and charts for a long time, since publishing our Future News Index back a couple decades ago. And noticeably since early last year they’ve been riding wide, wild and acting unpredictably irrational:

Just before Halloween, after months of bearish predictions in the first half of the year, we reported: “2014 ‘Year of the Boom!’ Bet on the bulls now,” picking up the shift to a bullish sentiment reflected in the Leonardo DiCaprio movie about the pre-1929 “Great Gatsby” era of the Roaring Twenties.

Then before Thanksgiving, the spotlight shifted to the “Roaring Katy Perry” market in “Shiller’s hot P/Es powering a ‘Roaring Bull’ till 2017.” We focused readers on the 2004 panic and crash that never happened: “While P/E ratios were over 26 in early 2004, the bubble did not pop. In fact, with tongue-in-cheek, billionaire Ken Fisher dismissed the bears in his Forbes column; ‘The market’s a great humiliator’.”

Shortly after, in early December, this strong positive energy accelerated. We highlighted opportunities in “12 get-rich sectors for a hot 2014 bull market.” Investors were in cloud nine with “optimists dreaming of another 22% return in the New Year.”

Then, a bear warning: Just before Christmas we reported a shift back to bearish sentiment in “Doomsday poll: still a 98% risk of 2014 stock crash,” harking back to “the dark warnings from last January through the fall when even the Fed saw an ‘unsustainable bubble’ ... Bill Gross: ‘Credit Supernova’ ... Nouriel Roubini: ‘Prepare for perfect storm’ ... Jeffrey Gundlach: ‘Kaboom Ahead’ ... Charlie Ellis: ‘Don’t own bonds’ ... Gary Shilling: ‘Shocker’ ... Peter Schiff ‘doubling down’ on his ‘doomsday’ prediction ... and InvestmentNews’ dark warning to 90,000 professional advisers: ‘Tick, tick ... boom!’

Warnings yes, but nobody listened. Yes, we hear them. All of them. But with bulls and bears fighting, contradicting, messages get neutralized. And ignored, as crash after crash we watch investors lapse into denial, till too late. That cycle’s centuries old.

Why? Because investors keep playing musical chairs. Love gambling, the hunt, the thrills. Yes, they know bulls always peak, pop. But not when. So they keep pushing the envelope. Squeezing out just one more win. Convinced they will get out in time.

You’ll never hear the crash coming ... then suddenly it blindsides you

Early warnings of a crash are dismissed over and over (“just a temporary correction”). They gradually numb us about the inevitable. Time after time we forget history’s lessons. Until finally a big surprise catches us totally off-guard. Financial historian Niall Ferguson put it this way: Before the crash, our world seems almost stationary, deceptively so, balanced, at a set point. So that when the crash finally hits — as inevitably it will — everyone seems surprised. And our brains keep telling us it’s not time for a crash.

Till then, life just goes along quietly, hypnotizing us, making us vulnerable, till a shocker like Lehman Brothers upsets the balance. Then, says Ferguson, the crash is “accelerating suddenly, like a sports car ... like a thief in the night.” It hits. Shocks us wide awake.

One moment we’re playing musical chairs, excited, in denial, convinced we can pocket a few more winnings before the inevitable. Convinced we know when, where, how to exit. Then the “thief in the night” suddenly attacks, catches us by surprise. Even then, in our denial, we may keep telling ourselves it’s just another short-term correction in a hot bull market. Until suddenly, it’s more than an accelerating sports car ... it’s a Mack truck roaring loudly.

Both optimism and fear are inside jobs. But the early warnings come long and loud from outside us. But our brains are programmed, constantly choosing between this new information and our long-held beliefs, personal biases and ideologies. Which invariably override new information to the contrary. How else can we explain why just before the 2008 global banking collapse our own Treasury secretary, a long-time former CEO of Goldman Sachs, told Fortune that the economy was the best he had seen in his professional lifetime? It was not. But his belief wouldn’t let him be confused by the facts.

Predicting crashes: Forget consensus. Forget Soros $1.3 billion bet

How to predict a crash? The secret is programmed in your brain, your genes, your psychological personality profile. You’ll do what you always do. Look within. You’ll keep playing your own version of musical chairs, either naturally bullish or naturally bearish, timing your exit strategy to suit your risk tolerance, your judgments, your beliefs, biases, ideologies, not the data.

Yes, you will read new warnings, like “ Soros doubles a bearish bet on the S&P 500, to the tune of $1.3 billion.” You may double down too. Or do nothing. You may listen to Hulbert, Gross, Gundlach, Ellis, Shilling, Roubini and Schiff. And still do nothing. Or something. You will listen, take it all in, and do what you always do. Your way, based not so much on all the warnings, the facts, evidence, predictions. Rather you’ll make your own decisions based on some inner consensus of voices that always guides you from deep inside your brain.

But when the Mack truck suddenly shifts into high gear ... accelerating rapidly ... finally catching all of us by surprise... none of this will matter ... you’ll never hear it coming ... till too late ... few did in 1929, in spite of all the warnings ... you didn’t hear in 2000 ... nor in 2008 ... nobody will in 2014 ... the Mack truck will finally catch all by surprise, once again.

Paul B. Farrell is a MarketWatch columnist based in San Luis Obispo, Calif. Follow him on Twitter .

20/02/2014

5 essential rules of real estate

1. Don’t make an offer without pre-approval

Getting pre-approved means a lender has vetted your credit and financials and is so far willing to continue the mortgage dance. Pre-approval letters detail your purchasing power and provide sellers and real estate agents a degree of confidence they won’t get anywhere else.

“I don’t accept an offer without a pre-approval letter,” said Bill Gassett, a realtor in Franklin, Mass., with Re/Max Executive Realty. “People are more cognizant of how important it is to have a qualified buyer. Without an actual pre-approval, you’re really gambling.”

The chicken-or-egg debate will rage on regarding whether to talk first with a real-estate agent or lender. Either way, you may not want to start touring homes or making offers without a pre-approval letter in hand.

2. Use a real-estate agent

For many consumers, buying a home is the single biggest purchase they’ll ever make. It’s something you’ll do maybe a handful of times. It can pay to have an expert in your corner.

Real-estate agents show homes, negotiate contracts and close deals every month. They can help identify red flags and potential problems, all the while working to best match up properties to your unique needs.

The Internet has certainly helped demystify and democratize the homebuying process. But consumers may still want an industry professional on their side. Nearly 90% of home buyers use a real-estate agent or a broker, according to the National Association of Realtors.

3. Put down earnest money

It’s customary, if not legally required, to provide a deposit when you make an offer on a home. Known as earnest money, this deposit is typically 1- 2 % of the purchase price, although the amount can vary by location and other factors.

Consult with your real-estate agent regarding the right amount, and quibble if you dare. Earnest money follows in line with loan preapproval—it’s another way to show a seller you’re a serious, legitimate home buyer.

Be sure your agent includes contingencies in the sales contract that allow you to recoup the deposit in case the deal falls apart. Common reasons include a bad appraisal, inspection issues or your inability to sell your current home.

4. Sell yourself

Don’t just submit a solid offer and cross your fingers if you’re shopping in a competitive real-estate market. Take every opportunity you get to tell your story and sell yourself.

Include a handwritten letter with your offer. Ask your real-estate agent to convey your admiration for the property and your hopes and dreams to the listing agent.

“If you really want a property in a competitive environment or you need some special conditions, the personal touch still works,” said Brian Icenhower, CEO of Keller Williams Realty Kansas City North and national real estate trainer. “Sellers don’t always just want to get the most proceeds out of their house. Certain types of sellers want to know this is going to a good family.”

5. Tour homes in person

Mobile video technologies like Google Glass are ushering in a new era for home tours. Cool tech and new apps can be a huge help for consumers moving to new states or service members purchasing homes during a deployment.

These tools will continue to supplement the shopping experience. But nothing quite compares to the in-person experience, Gassett said.

“People will use them to enhance what they’re already doing,” he said. “There’s never going to be anything that will completely replace the touch and feel of going to a house.”

20/02/2014

Personal Loans Come

Personal loans fell out of favor during the financial crisis. But they are starting to make a comeback at lenders such as Wells Fargo, WFC -0.05% Discover Financial Services DFS +0.37% and TD Bank.

Some borrowers are using personal loans for big-ticket items, such as paying for a wedding or home repairs, or to help children get settled after college. At a time when many people are seeking to pare their debt. A personal loan—which isn't secured by borrower assets—can also help borrowers take control of existing debt and pay it off over a fixed term.

A Wells Fargo Bank branch Reuters

The increased interest in personal loans comes as consumers across all income levels are looking to get more disciplined, says Todd Denbo, a senior vice president at Wells Fargo. "They want a known monthly payment and a known light at the end of the tunnel," he says.

Robert Barabani, a 30-year old accountant in Elmwood Park, N.J., is consolidating $15,000 of credit-card debt used to pay for home improvements into a personal loan from Wells Fargo. "We decided to get the charges off higher-interest credit cards and get a longer-term loan with a lower interest rate," he says.

Lenders, meanwhile, are looking for ways to grow. Wells Fargo saw double-digit gains in personal lending last year, says Mr. Denbo, who declined to provide specific figures.

Originations of personal loans fell sharply in 2008 and 2009, but have begun to edge up, increasing 4.5% in the first 11 months of 2011 compared with the same period a year earlier, according to the credit bureau Equifax. EFX -0.33%

Some banks are ramping up their marketing. U.S. consumers received 424.8 million offers in the mail for personal loans in 2011, up from 290.5 million in 2010, according to research firm Mintel Comperemedia.

TD Bank, a unit of Canada's Toronto-Dominion Bank, TD +0.47% saw a 25% increase in applications for unsecured personal loans in November and December, says TD Bank Executive Vice President Michael Copley.

Renewed interest in personal loans comes as falling home values and tighter lending standards have made tapping home equity, once a common source of financing, less attractive and, in many cases, impossible.

Just 15% of homeowners who refinanced their mortgage in the fourth quarter increased their loan balance by at least 5%, the lowest level in 26 years, according to Freddie Mac. The number of new home-equity line of credit originations has fallen every year since 2006, according to the credit bureau Equifax.

Such loans aren't without risk, of course. The biggest: It can be tempting to pile on new charges after consolidating existing debt.

"If you're someone who relies on credit cards as a supplemental source of income, getting into a situation like this is always dangerous," says Abigail Ford, a manager at Consumer Credit Counseling Service of San Francisco.

Mark Cole, chief operating officer of Cred. Ability, an Atlanta-based credit counselor, advises borrowers to close existing lines of credit after taking out a personal loan. Otherwise, "all you are doing is really digging a deeper hole," he says.

A borrower with good credit can expect to pay 8.49% to 14.49% for a personal loan with a five-year term, according to loan tracker Informa Research. That compares well with rates as high as 24.9% on some credit cards, but can be higher than rates on mortgages and auto loans that are secured by collateral.

Some lenders offer even sweeter deals. American Eagle Federal Credit Union, based in East Hartford, Conn., this winter issued 12-month "Holiday Helper" loans with a 3.75% rate. This month, it will offer a debt-consolidation special with a rate as low as 6.5% for a loan with a 36-month term. Borrowers can cut their rate by an additional 0.25 percentage point if they arrange to have payments automatically deducted from their credit-union checking account.

Discover began offering unsecured personal loans about six years ago, but recently stepped up direct mail offers as part of its effort to diversify beyond credit cards. About two-thirds of borrowers also have a Discover credit card, but the company has started making more loans to new customers. It will lend up to $25,000. The loans are currently being offered by invitation only.

"Our ideal customer is someone who has a little bit of debt," says Discover Vice President Nick Brown. They are "actively trying to manage their finances and they are looking for a product that offers simplicity and financial benefits."

TD Bank offers loans from $5,000 to $50,000 for up to 60 months, with fixed rates of 6% to 10%. It targets borrowers with credit scores in the mid-700s, Mr. Copley says. Standards vary by lender, but borrowers with good credit generally have scores of 720 or higher.

Wells Fargo, meanwhile, will lend up to $100,000, but says $8,000 to $10,000 loans are most common. Rates range from 9% to 21%, depending on credit score, income, intended use of funds, relationship with the bank and total borrowings.

The bottom line, says Mike Sullivan, director of education for Take Charge America, a Phoenix-based credit-counseling agency: "If by consolidating debt you can pay it off faster or pay it off cheaply, thereby increasing your net worth over a five-year period, it's probably a good idea."

25/09/2013

Mario's Father - Hiroshi Yamauchi
Hiroshi Yamauchi (山内 溥 Yamauchi Hiroshi?, real name: 山内 博,who ran Nintendo for more than 50 years and led the Japanese company's transition from traditional playing-card maker to video game giant, has died. He was 85.
Reputed as a visionary and among the richest men in Japan, Yamauchi made key moves such as employing the talents of Shigeru Miyamoto, a global star of game design and the brainchild of Nintendo hits such as Super Mario and Donkey Kong.
Born November 7, 1927 Kyoto, Japan
Died September 19, 2013 (aged 85) Kyoto City, Japan
Alma mater Waseda University (dropped out)

20/09/2013

Hi, my name is David Morrison. An article, “How Wall Street Killed Financial Reform,” details how powerful bank lobbyists are rolling back efforts at financial reform. In a mostly-silent process few Americans know about, reform opponents are currently pushing nearly a dozen highly technical bills through congress that will allow bankers to manipulate the prices of everything from corn to heating oil to municipal bonds: “The giant reform bill turned out to be like the fish reeled in by Hemingway's Old Man – no sooner caught than set upon by sharks that strip it to nothing long before it ever reaches the shore…With the Quislingian covert assistance of Democrats, both in Congress and in the White House, those bills could pass through the House and the Senate with little or no debate, with simple floor votes – by a process usually reserved for things like the renaming of post offices or a nonbinding resolution celebrating Amelia Earhart's birthday.”

20/09/2013

Startup Hacks is a hackathon bringing together the best entrepreneurs and developers from around Europe for 48 hours.

Our goal is to give technology enthusiasts a chance to test their skills in a fast paced and work friendly environment.

The next hackathon will take place in London and include 90 participants from all over Europe.

We're currently looking for a disruptive technology entrepreneur to speak at our next event in London (1st-3rd of November) and have decided to reach out to CEO of Spotify Daniel Ek!

Please support us and the participants by spreading our Thunderclap to your networks!

20/09/2013

19/09/2013

WASHINGTON (AP) — JPMorgan Chase & Co. will pay $920 million and has admitted that it failed to oversee trading that led to a $6 billion loss and renewed worries about serious risk-taking by major banks.

U.S. and U.K. regulators said Thursday that the largest U.S. bank's weak oversight allowed traders in its London office to assign inflated values to transactions and cover up huge losses as they ballooned. Two of the traders are facing criminal charges of falsifying records to hide the losses.

The combined amount JPMorgan is paying three U.S. regulators and the U.K. Financial Conduct Authority adds up to one of the largest fines ever levied against a financial institution. The Securities and Exchange Commission fined the bank $200 million and required a rare admission of wrongdoing. The Federal Reserve Board imposed a $200 million penalty, while the Office of the Comptroller of the Currency set a $300 million fine. The British regulator fined the company $220 million.

The U.S. Justice Department is still investigating the bank for possible criminal violations. The SEC said that the breakdown in supervision stretched beyond the trading operations to the bank's top executives.

"JPMorgan's senior management broke a cardinal rule of corporate governance: inform your board of directors of matters that call into question the truth of what the company is disclosing to investors," said George Canellos, co-director of the SEC's enforcement division.

New York-based JPMorgan called the settlements "a major step" in its efforts to put its legal problems behind it. The bank said it cooperated fully with all of the agencies' investigations and continues to cooperate with the Justice Department in its criminal prosecution of the two former traders.

"We have accepted responsibility and acknowledged our mistakes from the start, and we have learned from them and worked to fix them," JPMorgan CEO Jamie Dimon said in a statement. "We will continue to strive towards being considered the best bank — across all measures — not only by our shareholders and customers, but also by our regulators."

The trading loss that surfaced in April 2012 shook the financial world and damaged the bank's reputation. JPMorgan was one of the few financial institutions to come through the 2008 financial crisis without suffering major losses.

The fallout even ensnared Dimon, who initially dismissed reports of the losses as a "tempest in a teapot." He later acknowledged the magnitude of the losses, admitted to Congress that the bank failed in its oversight and took a multi-million-dollar pay cut.

The settlement comes just days after the five-year anniversary of the crisis. The huge loss at JPMorgan raised concern about continued risk-taking by Wall Street banks and questions of whether the financial industry had learned the lessons of the meltdown.

Three employees in the London office were fired — two senior managers and a trader. The episode also led to the resignation of Ina Drew, the former chief investment officer overseeing JPMorgan's trading strategy.

Federal prosecutors in New York filed criminal charges last month against Javier Martin-Artajo and Julien Grout. Martin-Artajo supervised the bank's trading strategy in London, and Grout, his subordinate, was in charge of recording the value of the investments each day. They were charged with conspiracy to falsify books and records, commit wire fraud and falsify filings to the SEC. They also were charged separately in an SEC civil complaint.

Both traders, through their lawyers, have denied any wrongdoing. Their colleague Bruno Iksil, a trader known as the "London Whale" for the outsize bets he made that could roil markets, had his name associated with the embarrassing loss. No charges were laid against him. Prosecutors say he tried to raise questions about how his colleagues were recording the trades.

As part of the settlement, the SEC required JPMorgan acknowledge that it violated securities laws in failing to keep watch over the traders. That's a first for a major company since newly appointed SEC Chairman Mary Jo White insisted the agency change a longstanding practice. The SEC previously allowed most companies and individuals to agree to deals without admitting or denying wrongdoing.

The SEC said its $200 million penalty is one of the largest in the agency's history. The money will go to a fund to compensate investors who were harmed by the bank's inaccurate financial reports concerning the trading loss, the SEC said.

The nearly $1 billion in penalties levied over the London trading loss was the biggest of several regulatory actions against the bank announced Thursday. JPMorgan was also ordered to pay $80 million in fines and about $309 million in refunds for billing customers for identity theft protection they never received. The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau said about 2.1 million credit card customers were affected by the illegal practice.

The Comptroller of the Currency also cited JPMorgan for improper practices in its collection of credit card and other consumer debts, other than mortgages. The agency also said the bank failed to fully comply with a law capping military service members' interest on consumer loans at 6 percent a year.

JPMorgan promised to correct the problems in both those separate cases.