In his remarks at the American Bankers Association conference last week, JPMorgan Chase CEO Jamie Dimon said it was time for banks to "fight back" against "overlapping or ill-conceived" regulations.
Dimon sharply criticized US regulatory initiatives that he believes will not improve bank safety and could harm companies and consumers. And, despite preferring not to engage in litigation, he would resort to it if necessary. "If you're in a knife fight, you better bring a knife, and that's where we are," Dimon said.
Dimon expressed frustration with the Federal Reserve, cautioning that "the devil is in the details" as banks await new rules under the Basel III framework, which could increase capital requirements for large banks by 9%. He also criticized the lack of caps on fees charged by card issuers like American Express and Discover for debit transactions, calling it "grossly unfair" to banks, which face limits on their fees.
Dimon also raised concerns about the Consumer Financial Protection Bureau's (CFPB) open banking rules, which simplify data transfers between financial providers. Although he supports open banking in principle, Dimon warned it could lead to "fraudulent money transfers."
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