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The CEO of JPMorgan Chase, the most important financial institution within the U.S. with $3.4 trillion in belongings, is taking a agency stance in opposition to federal rules.
JPMorgan Chase CEO Jamie Dimon spoke out on the American Bankers Association 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 battle again.”
“We’re suing our regulators again and again and over as a result of issues have gotten unfair and unjust, and they’re hurting firms, numerous these guidelines are hurting lower-paid people,” Dimon acknowledged, per Reuters.
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JPMorgan threatened to sue the U.S. Client Monetary Safety Bureau (CFPB) in August over client protections round Zelle funds. The CFPB was trying 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 last week, stating that the CFPB overstepped its authority with a recent open banking rule that enables clients to share their spending and saving histories between monetary establishments.
Jamie Dimon. Picture by Kevin Dietsch/Getty Photographs
This is not the primary time Dimon has known as out financial institution rules. In his annual letter to shareholders, launched in April and numbering 60 pages, Dimon included a piece titled “Giving the financial institution regulatory and supervisory course of a critical evaluation.”
“Sadly, some current rules are ending up in court docket,” he wrote. “You may think about that nobody desires to sue their regulators. Banks wouldn’t sue if they didn’t assume they had been proper — or in the event that they thought they’d another 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.
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