Warren's attack on Dimon (pic) and overdraft fees will come as a blow to the industry which thought it had a good story to tell lawmakers after dishing out $69 billion of COVID-19 aid to struggling businesses and launching programs to tackle racial injustice and wealth inequality.
WASHINGTON: Progressive firebrand Senator Elizabeth Warren on Wednesday attacked JPMorgan Chase & Co chief executive Jamie Dimon after the country's largest lender reaped $1.46 billion in overdraft fees during 2020 while borrowers were struggling to make ends meet amid pandemic lockdowns.
Warren told Dimon during a banking industry U.S. Senate hearing that the fees were especially egregious after federal agencies and Congress gave lenders a raft of regulatory breaks to allow them to preserve capital and better help customers. JPMorgan collected more overdraft fees than its immediate competitors, Warren said.
Limited time offer:
Just RM5 per month.
