The bill announced more hollow risk guidelines and even hired a new risk officer to make sure all roommates are in compliance.

FORBES: Meet The New Subprime: It Will Cost Us Billions

Armstrong is the head of the board's audit and risk committee, which, among other things, is supposed to set guidelines for risk assessment and management.

FORBES: Off With Their Heads!

Going forward the bank should actually apply the Equator Principles, a voluntary credit risk management framework with a set of guidelines for environmental and social risk assessment in sustainable project finance activities.

FORBES: Is JPMorgan Chase America's New Bad Bank?