WASHINGTON, D.C. – September 21, 2022 – Today, the Democratic staff of the U.S. Senate Committee on Banking, Housing, and Urban Affairs released snapshots highlighting the consumer abuses of two of the nation’s largest megabanks, JP Morgan Chase and Wells Fargo.
JP Morgan Chase and Wells Fargo – along with Bank of America, Citi, Truist, PNC, and U.S. Bank – play an outsized role in our financial system and economy. They serve hundreds of millions of consumers and small businesses and have assets of $13 trillion that represent over 50 percent of the nation’s GDP.
While these megabanks rake in huge profits, they have continued to fail their customers and workers. Banks bring in billions of overdraft fees from customers, put their wealthy Wall Street clients over Main Street small businesses and consumers for PPP loans during the pandemic, and fail to help customers whose money is stolen on Zelle – a payments network owned by seven banks, including Bank of America, JP Morgan Chase, PNC, Truist, U.S. Bank, and Wells Fargo.
The snapshots follow dozens of reports of consumer abuse from large financial institutions nationwide. On Thursday, the banks’ CEOs will testify at the Committee’s annual bank oversight hearing.
The snapshot on Wells Fargo can be found here.
The snapshot on JP Morgan Chase can be found here.
For years, Senate Democrats have pressed the biggest banks to do right by their customers, and they will continue to fight for the working Americans and small businesses that make our economy work. More information about their work can be found here.
Snapshots for Bank of America, Citi Bank, PNC, Truist, and U.S. Bank can be found here.