The bosses of the nation’s largest banks will return on Thursday to Capitol Hill, where they will face another round of grilling from lawmakers.
Lawmakers on the U.S. House Committee on Financial Services will hear from JPMorgan Chase’s Jamie Dimon, Wells Fargo’s Charles Scharf, Citi’s Jane Fraser and Goldman Sachs’ David Solomon, Morgan Stanley’s James Gorman and Bank of America’s Brian Moynihan.
The bank CEOs appeared on Wednesday before the U.S. Senate Committee on Banking, Housing and Urban Affairs. Democrats pressed them on their support for American consumers during the Covid-19 pandemic, and Republicans sought to discourage them from weighing in on social issues.
One testy exchange from Wednesday’s hearing came between Sen. Elizabeth Warren, D-Mass., and JPMorgan’s Dimon. Warren accused JPMorgan Chase, and the other consumer banks, of not doing enough to communicate to its clients about relaxation of certain overdraft fees rules during the coronavirus outbreak.
Dimon countered that the bank had accommodated customers that had made qualifying overdraft fee waiver requests and that the bank would not be returning the billions it collected in such fees in 2020.