The CEO of JPMorgan Chase, the largest bank in the U.S. with $3.4 trillion in assets, is taking a firm stance against federal regulations.
JPMorgan Chase CEO Jamie Dimon spoke out at the American Bankers Association convention in New York City on Monday against “overlapping” federal rules on card payments, open banking, and other areas, stating that “it’s time to fight back.”
“We are suing our regulators over and over and over because things are becoming unfair and unjust, and they are hurting companies, a lot of these rules are hurting lower-paid individuals,” Dimon stated, per Reuters.
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JPMorgan threatened to sue the U.S. Consumer Financial Protection Bureau (CFPB) in August over consumer protections around Zelle payments. The CFPB was looking into JPMorgan and other banks like Wells Fargo to see how they responded to Zelle scams.
The Bank Policy Institute and Kentucky Bankers Association sued the CFPB last week, stating that the CFPB overstepped its authority with a recent open banking rule that allows customers to share their spending and saving histories between financial institutions.
This isn’t the first time Dimon has called out bank regulations. In his annual letter to shareholders, released in April and numbering 60 pages, Dimon included a section titled “Giving the bank regulatory and supervisory process a serious review.”
“Unfortunately, some recent regulations are ending up in court,” he wrote. “You can imagine that no one wants to sue their regulators. Banks would not sue if they did not think they were right — or if they thought they had any other recourse — which they effectively do not.”
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Dimon wrote in his shareholder letter that “both regulators and banks should want the same thing — a healthy banking system, serving its clients and striving for continuous improvement” and asked for collaboration and a constructive relationship between regulators and banks to create a healthy system.
Dimon was worth $2.4 billion at the time of writing.