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CFPB / RegulatoryMortgage

Jamie Dimon doesn’t know if Sen. Warren understands banking

Here comes the next chapter in JPMorgan Chase CEO vs. CFPB architect

The relationship between Jamie Dimon, the CEO of JPMorgan Chase (JPM), and Sen. Elizabeth Warren, D-Mass. could be described in many words…tense, terse, tenuous, testy, but definitely not touchy feely.

HousingWire previously covered a particularly amusing exchange between the two, taken from the new afterword for the paperback release of Warren’s book, “A Fighting Chance.” In the afterword, Warren tells the story of being visited in her Capitol Hill office by Dimon and an emotional conversation about financial regulations.

Warren writes that Dimon complained about the “burdensome” rules the bank is required to follow by the Consumer Financial Protection Bureau, and that she countered by saying that she didn’t think banks were overregulated.

From Warren’s book (as published by the Huffington Post):

Dimon told me what he thought it would take to get Congress to confirm a director, terms that included gutting the agency’s power to regulate banks like his. By this point I was furious. Dodd-Frank had created default provisions that would automatically go into effect if there was no confirmed director, and his bank was almost certainly not in compliance with the those rules. I told him that if that happened, “I think you guys are breaking the law.”

Suddenly Dimon got quiet. He leaned back and slowly smiled. “So hit me with a fine. We can afford it.”

Now, Dimon is at it again.

According to a report from CNN Money, Dimon recently took another jab at Warren, saying the Senator doesn’t fully understand the global banking system.

From the CNN Money report:

"I don't know if she fully understands the global banking system," Dimon said Wednesday at an executive luncheon in Chicago, according to a transcript provided by JPMorgan.

Dimon added that he agrees with Warren's concerns about pockets of risk in the industry, and that he's willing to meet with her to "maintain a good relationship."

Dimon goes on to say that Warren once told him that she has a Chase credit card and “loves it.”

Thus concludes the latest chapter in Dimon versus Warren.

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