Washington, DC — On Monday, JP Morgan Chase CEO Jamie Dimon had a meltdown, attacking a new Consumer Financial Protection Bureau rule making it easier for consumers to switch banks, saying “It’s time to fight back,” “I’ve had it with this shit” and “I think if you’re in a knife fight, you’d better damn well bring a knife.” The CFPB’s open banking rule, issued last week, prevents financial institutions from refusing to share their information with competitors, making it easier for consumers to switch banks and credit cards. In addition to the open banking rule, the CFPB also:
- Fined Apple and Goldman Sachs $89 million for mishandling consumer disputes about the AppleCard and misleading consumers on Wednesday, Oct. 23
- Issued guidance to protect workers from unchecked online tracking companies, used by many employers to make hiring and management decisions, on Thursday, Oct. 24
- Announced the distribution of $191 million in refund checks to consumers defrauded by leasing company Tempoe, LLC on Monday Oct. 28
Demand Progress Education Fund has been a strong supporter of the CFPB’s work to protect consumers, and was an early champion of the bureau’s open banking rule. The following is a statement from Demand Progress Education Fund Corporate Power Director Emily Peterson-Cassin:
“‘This shit’ that Jamie Dimon said he’s had enough of is the CFPB taking action to prevent banks and credit card companies from holding consumers’ data captive. The knife fight he’s envisioned is against Americans who want more financial freedom from the biggest banks. Billionaire Wall Streeters like Dimon don’t realize how monstrously out-of-touch they sound. We have corporations and billionaires fighting only to protect their profits on one side and on the other side, we have government agencies like the CFPB taking commonsense, popular action to empower consumers. It is clear which side has the best interest of the American people in mind.”