Elizabeth Warren Labels Dimon ‘Star of the Overdraft Show’
- Senator says banks, led by JPMorgan, have mistreated customers
- Dimon calls her stats on overdraft fees ‘totally inaccurate’
JPMorgan Chase & Co.’s Jamie Dimon is the longest serving bank chief who testified before Congress Wednesday, but to the Senate’s biggest critic of Wall Street, he’s also “the star of the overdraft show.”
Massachusetts Democrat Elizabeth Warren lit into Dimon, as she sought to make the point that banks kept charging onerous fees to customers struggling during the pandemic -- even as regulators in Washington eased rules for lenders. JPMorgan, Warren noted, made almost $1.5 billion from overdrafts last year, seven times more per account than its competitors. Still, it didn’t automatically waive the penalties as the government had suggested.
Dimon, appearing at a Senate Banking Committee hearing featuring the chief executive officers of the six biggest U.S. banks, sharply disputed Warren’s analysis and said JPMorgan dropped its overdraft fees for customers who requested relief.