Will the Next President Help Banks Trap Customers?
Wall Street CEOs are courting both the Trump and Harris campaigns. If their effort succeeds, a new rule that makes it easier for customers to change banks will almost certainly be on the chopping block.
JPMorgan Chase CEO Jamie Dimon speaks at the Institute of International Finance in Washington, DC, on October 24, 2024. (Kent Nishimura / Bloomberg via Getty Images)
The head of JPMorgan Chase and a potential treasury secretary candidate says he’s gearing up for a “knife fight” with the country’s top consumer watchdog agency — just after a lobbying group that he chairs sued the agency to protect a scheme that prevents consumers from switching banks and particularly benefits his own bank.
The attacks come as corporate interests explicitly call for the ouster of successful consumer protection reformers within Joe Biden’s administration — and suggest that no matter who wins the election, big banks will be angling to ensure that they’re free to waylay and swindle their customers.
In a presentation on Monday with the American Bankers Association, a banking industry group, JPMorgan Chase CEO Jamie Dimon blasted the Consumer Financial Protection Bureau (CFPB), the federal consumer watchdog agency, and its director, Rohit Chopra, warning of an “onslaught” of regulation against banks.
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