Congress Calls Bank CEOs to Capitol Hill

The leaders of the nation’s seven largest industrial monetary establishments will head to Washington, D.C., this week to face two Congressional hearings to assessment shopper safety and compliance points, enforcement actions and recidivism, and traits and developments within the business.

The CEOs will seem earlier than the House Financial Services Committee on Wednesday (Sept. 21), in keeping with a press release, and the Senate Banking Committee on Thursday (Sept. 22), in keeping with one other statement. 

In attendance might be Jamie Dimon, CEO and chairman of J.P. Morgan Chase & Co.; Brian Moynihan, CEO and chairman of Bank of America; Jane Fraser, CEO and chairwoman of Citigroup; Andy Cecere, CEO and president of  U.S. Bancorp; William Demchak, CEO, chairman and president of The PNC Financial Services Group; William Rogers Jr., CEO and chairman of Truist Financial Corporation; and Charles Scharf, CEO and president of Wells Fargo & Company.

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“These banks have maintained adequate capital and leverage ratios, provided PPP loans, and engaged in stock buybacks in 2021,” the discharge from the House famous. “With the exception of Wells Fargo, which is subject to an asset cap restriction imposed by the Fed, these banks have generally increased in size since 2019 and collectively hold more than $11 trillion in assets.”

Mergers and acquisitions amongst these gamers have created “banking deserts,” the place entry to a close-by financial institution department is troublesome to seek out in some communities, in keeping with the House launch.

Since 2010, the 4 largest banks have closed 25% of their branches, in keeping with the discharge, with one-third in low- to moderate-income (LMI) communities and communities of shade from 2017 to 2021.

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The listening to, titled “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks,” will deal with a spread of hot-button points together with reserves, fraud, charges, variety, equality, abortion, local weather change and Ukraine.

Mortgage lending, overdraft charges, incorrect credit score scores, selling the general public curiosity and the way forward for banking are all a part of the agenda.

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