Mr. Dimon: Our welcome mat is out
Jim Nussle, President/CEO of the Credit Union National Association (CUNA), issued the following statement:
WASHINGTON, DC (May 12, 2016) — “My mother taught me a long time ago that name calling never works–a lesson JPMorgan Chase CEO Jamie Dimon has apparently forgotten, by calling Cam Fine, president/CEO of the Independent Community Bankers Association, a jerk this week.
“Cam is working hard, as am I, to reduce regulatory burden for our member financial institutions; burden that was brought about by the misdeeds of giant Wall Street banks like Dimon’s.
“Dimon has even admitted that regulations meant to target the big banks are absolutely affecting our ability to serve members and the communities in which we live and work–at no fault of our own.
“Since Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act– creating the Consumer Financial Protection Bureau–regulatory costs for credit unions have risen by 39 percent. In 2014, the total impact jumped to $7.2 billion, which is equivalent to an astonishing 80 percent of credit union industry earnings and 6 percent of our credit unions’ net worth.
“That lost money makes a big difference to our credit union members. When we asked credit union CEOs in a recent survey what they would do if those lost costs were returned, the top two answers were that they would provide members with lower rates on mortgages and higher interest rates on deposits. Washington’s overreaction has taken money out of the pockets of credit union members for a problem credit unions did not cause. But the lost costs are only a pittance to Dimon and his shareholders.
“Name calling never brings people together and this recent episode makes me wonder if Dimon truly cares about the damage Wall Street banks inflicted on Main Street when they caused the financial crisis.
“I hope he does care. Cam and I would welcome him to put his words into action by helping bring consensus around the need for regulatory relief for credit unions and community banks. Our welcome mat is out.”
About CUNA
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.
