cross-posted from: https://lemmy.world/post/17274141
The potential charges, says Marianne Lake, CEO of consumer and community banking at JPMorgan, are a result of new regulatory rules that cap overdraft and late fees. Lake says Chase will be passing along those increased expenses to customers, which would put an end to now-free services such as checking accounts and wealth management tools. And she says she expects other banks will follow suit.
Not sure about that case specifically, but in general lack of regulation unleashes enshittificatory impulses. This comment may be aimed more at conservative voters or politicians to convince them (or at least let them claim) that pro-consumer regulation actually harms “consumer welfare.”
I’ve met one of these zero-regulation idiots thinking that somehow the average Joe benefits from giving all power to anyone with lots of money who isn’t them.
Just ask those dickholes how many times they’ve had the chance to vote for JP Morgan Chase’s or Walmart’s or ExxonMobil’s CEO.
Then ask them how many opportunities they’ve had to elect Presidents and Congressmembers.