While billed as a hearing on everyday finances and industry oversight, the CEOs are also getting a hefty dose of election-year politics.
NEW YORK — The CEOs of the nation’s biggest banks returned to Capitol Hill for a second day Thursday, and Senate Democrats strongly urged them to do more to help and protect their customers, while Republicans questioned whether banks should weigh in on hot-button social issues.
“You are among the most powerful actors in our economy,” said Sen. Sherrod Brown, D-Ohio and the chairman of the Senate Banking Committee. “Your entire industry, and its substantial safety net are supported by American taxpayers. It’s past time for the financial industry to be as good to the American people as the country has been to you.”
Menendez homed in on overdraft fees, acknowledging that banks have made progress in reducing them but also pushing the CEOs to completely eliminate such fees. Most of the CEOs said they now generally offer no overdraft fee products, and expect to see their overdraft fee income continue to decline. Bank of America recently said its revenue from overdraft fees has fallen 90% from a year ago.
“The issue is that a customer authorizes a transaction and it later turns out to be a scam, banks shouldn’t be on the hook for that,” said Brian Moynihan, CEO of Bank of America. He also said the scams account for a very small percentage of the transactions that take place via Zelle. Dimon seemed to agree with Toomey’s assertion that federal regulators as well as asset managers have the power to sway banks on issues like climate change or lending to oil and gas companies.
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