Bank CEOs describe pandemic support; senators divided on issues | National policy
“You’ve heard from everyone on this panel that we’re trying to do more,” said Jamie Dimon, CEO of JPMorgan Chase, in response to questions about banks’ performance in lending to minorities and the poor. .
Brown criticized banks for cutting lending to pandemic-ravaged small businesses while buying back their own shares. Bank of America, he said, cut small business loans by 14% while buying back tens of billions of dollars of its stock. CEO Brian Moynihan parried off the attack, saying, “The good news is we can do both.”
Challenged by Brown over the wide gap between bank CEO pay and average employee pay, Dimon replied, “We are very proud of the opportunities we provide to all of our employees.”
Longtime critic of the big banks, Senator Elizabeth Warren, D-Mass., Emphasized why they collected overdraft fees on checking accounts during the pandemic.
In a tense exchange, she called Dimon “the king of overdraft fees,” saying JPMorgan charges more than seven times the fees per account than its competitors.
Dimon disputed the accuracy of Warren’s numbers. The bank says last year it waived fees on more than one million deposit accounts, including overdraft fees, with no questions asked. JPMorgan Chase has an account called Secure Banking with no overdraft fees and says it makes other accommodations to clients in specific situations.