"Sen. Menendez Grills Bank CEOs on Consumer Rip-Off Settlements Amid Bribery Charges"
Originally Published 2 years ago — by Yahoo Finance
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 exact 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 these amounts to argue that financial regulations do benefit everyday customers. The senator also criticized the banks for charging overdraft fees, which disproportionately affect Black and Hispanic customers. Citigroup was commended for eliminating such fees, while the other banks have made some steps to ease them but haven't eliminated them entirely.
