Posted on May 27, 2021
Elizabeth Warren grills Jamie Dimon on overdraft fees collected during pandemic
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US Senator Elizabeth Warren sparred with JPMorgan Chase CEO Jamie Dimon over the company’s overdraft fees during the pandemic, kicking off two days of Senate committee hearings with executives from the nation’s biggest banks.
The former Democratic presidential candidate accused banks of dismissing guidance from regulators to waive customers’ overdraft fees during the public health crisis, as the unemployment rate surged to a pandemic high of at least 14 per cent in April 2020 and has struggled to fall back to pre-pandemic levels.
“You and your colleagues come in today to talk about how you stepped up and took care of customers during the pandemic, and it’s a bunch of baloney,” Senator Warren said.
The former Democratic presidential candidate accused banks of dismissing guidance from regulators to waive customers’ overdraft fees during the public health crisis, as the unemployment rate surged to a pandemic high of at least 14 per cent in April 2020 and has struggled to fall back to pre-pandemic levels.
“You and your colleagues come in today to talk about how you stepped up and took care of customers during the pandemic, and it’s a bunch of baloney,” Senator Warren said.
Elizabeth Warren grills Jamie Dimon on overdraft fees collected during pandemic
Posted from independent.co.uk
United States Senate
Health
Banking
Posted 3 y ago
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Some institutions did well by their customers and others took advantage.
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While I do not agree with the decision to ignore the guidance (if this is, indeed, the case), I will also note that it was GUIDANCE, not REQUIREMENT.
Never been a big fan of JP Morgan or Chase, less a fan of JP Morgan Chase after the merger. But I can't yell at them for not breaking the law, I can just choose not to utilize them for being a horrible company.
Never been a big fan of JP Morgan or Chase, less a fan of JP Morgan Chase after the merger. But I can't yell at them for not breaking the law, I can just choose not to utilize them for being a horrible company.
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