“It’s time to respond”

JPMorgan Chase CEO Jamie Dimon did not discuss the US election candidates during a public appearance on Monday, but he did have a lot to say about current regulators in Washington, DC.

The head of the US’s largest boss described a set of regulatory proposals from his supervisors as a “malicious attack”, criticized Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra and made clear the industry was ready to back down from new rules in the US. court.

“It’s time to respond,” Dimon said while speaking at an American Bankers Association conference in New York City. “I got it with this shit.”

He added: “We don’t want to get involved in litigation just to make a point, but I think if you’re in a knife fight you better bring a knife.”

The comments provided the latest example of how big US banks are becoming more aggressive in confronting their supervisors.

Last week, the Bank Policy Institute, a banking lobbying group, and the Kentucky Bankers Association sued the CFPB over a new law. Open banking rules It would make it easier for consumers to transfer their personal data between financial service providers.

The banking organizations used their lawsuit to accuse the CFPB of “overstepping its legal mandate” and warned that the new rule would ultimately put consumers’ financial data at risk.

Dimon added his support to the challenge on Monday, saying, “No one is against open banking, but I am against screen scraping,” referring to data sharing with third parties, including riskier entities.

He also singled out the CFPB chief, saying: “Rohit is a very smart man and he has one big flaw, which I told him personally, which is that you use your mind to justify what you already believe.”

Dimon, in response to questions while on stage, discussed his reservations about a number of other regulatory proposals and practices, ranging from how bank examiners would handle a Silicon Valley bank failure in 2023 to a long-awaited plan that would require big banks to hold more money. . Capital reserves against future losses.

The latest version of that plan, known as the Basel III endgame, may have to wait until after the end of the election, he said.

“A lot of these rules hurt low-wage people, not most people in this room,” he told bankers attending the ABA conference.

Dimon did not make any specific comments about former President Donald Trump or Vice President Kamala Harris, but he did make some general comments about political discourse.

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