April 18, 2011
The chief executive wants to clarify one thing, according to the New York Times: he supports the creation of the Consumer Financial Protection Bureau.
“It has been widely reported that we were against the creation of a Consumer Financial Protection Bureau,” the newspaper reports that Dimon wrote in an April 4 letter to shareholders . “We were not — we were against the creation of a standalone C.F.P.B., operating separately and apart from whatever regulatory agency already had oversight authority over banks.”
The New York Times states that Dimon claims the company’s lobbying efforts to deter an independent consumer financial organization were misinterpreted.
“Strong regulatory standards, adequate review of new products and transparency to consumers all are good things,” Dimon said. “Indeed, had there been stronger standards in the mortgage markets, one huge cause of the recent crisis might have been avoided.”
One payments-related aspect of the Dodd-Frank financial reform bill Dimon doesn’t champion, however, is the Durbin Amendment. Earlier this month, he stated that debit swipe fee limits might cause financial institutions to impose new fees on basic financial services, thus pushing some consumers out of the banking system. (Read more)
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