The CEO of JPMorgan Chase, the biggest financial institution within the U.S. with $3.4 trillion in belongings, is taking a agency stance in opposition to federal laws.
JPMorgan Chase CEO Jamie Dimon spoke out on the American Bankers Affiliation conference in New York Metropolis on Monday in opposition to “overlapping” federal guidelines on card funds, open banking, and different areas, stating that “it is time to combat again.”
“We’re suing our regulators time and again and over as a result of issues have gotten unfair and unjust, and they’re hurting firms, loads of these guidelines are hurting lower-paid people,” Dimon acknowledged, per Reuters.
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JPMorgan threatened to sue the U.S. Shopper Monetary Safety Bureau (CFPB) in August over shopper protections round Zelle funds. The CFPB was wanting into JPMorgan and different banks like Wells Fargo to see how they responded to Zelle scams.
The Financial institution Coverage Institute and Kentucky Bankers Affiliation sued the CFPB final week, stating that the CFPB overstepped its authority with a current open banking rule that permits clients to share their spending and saving histories between monetary establishments.
Jamie Dimon. Picture by Kevin Dietsch/Getty Pictures
This is not the primary time Dimon has referred to as out financial institution laws. In his annual letter to shareholders, launched in April and numbering 60 pages, Dimon included a bit titled “Giving the financial institution regulatory and supervisory course of a critical evaluate.”
“Sadly, some current laws are ending up in court docket,” he wrote. “You’ll be able to think about that nobody desires to sue their regulators. Banks wouldn’t sue if they didn’t suppose they had been proper — or in the event that they thought that they had some other recourse — which they successfully don’t.”
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Dimon wrote in his shareholder letter that “each regulators and banks ought to need the identical factor — a wholesome banking system, serving its shoppers and striving for steady enchancment” and requested for collaboration and a constructive relationship between regulators and banks to create a wholesome system.
Dimon was price $2.4 billion on the time of writing.