According to a report by ZeroHedge, Marianne Lake, the CEO of Consumer Lending at JPMorgan Chase, the bank has plans of potentially charging customers for traditionally free services such as checking accounts and wealth-management tools if elected officials in Congress follow through with the enactment of policies that consist of placing caps on overdrafts and late fees.
“The changes will be broad, sweeping, and significant,” Lake declared, continuing by noting, “The people who will be most impacted are the ones who can least afford to be, and access to credit will be harder to get.”
Agencies like the Consumer Financial Protection Bureau have floated the idea of implementing an $8 cap on late credit card payment fees and a $3 cap on over-drafting fees. On top of that, there are rumors of Chase implementing limits on debit card fees and the amount banks can charge CashApp and Venmo for gaining access to and using their customers’ data.
Back in March, the CFPB approved a rule placing limits on credit card late fees. However, several bank industry organizations filed a lawsuit to stop it before it became law. The law is currently pending an appeal before a judge.