Politicsbanking News

"Sen. Menendez Grills Bank CEOs on Consumer Rip-Off Settlements Amid Bribery Charges"

Senator Robert Menendez, who is facing bribery charges, questioned Wall Street bank CEOs about the amount of money their firms had to pay back to consumers for violating federal laws. The CEOs, including Jamie Dimon of JPMorgan Chase, Brian Moynihan of Bank of America, Jane Fraser of Citigroup, and Charles Scharff of Wells Fargo, were unable to provide the figures. However, the numbers are significant, with JPMorgan Chase paying $360 million, Bank of America paying $819 million, Citigroup paying $1 billion, and Wells Fargo paying over $2 billion. Menendez highlighted that these payments demonstrate the benefits of financial regulations for everyday customers. The senator also criticized the banks for their overdraft fees, which disproportionately affect Black and Hispanic communities. Citigroup was commended for eliminating such fees, while other banks have made partial changes.