Jimmy Damon, CEO of JPMorgan Chase, is dealing with the controversy about how and why some American citizens and companies suddenly find themselves from the banking system.
After meeting with the Republican lawmakers in Washington, DC on the topic of “Debanking”, Damon told the correspondents that Chis would never drop customers because of their religious or political affiliation.
Instead, Damon said that federal guidelines are unclear, especially on the rules for anti -money laundering, forcing banks to reject services from compliance concerns, Reports Yahoo financing.
When asked directly if the blame organizers on Debanking, Dimon replied, “Because of a large extent, yes.”
There are a lot of things to be fixed. [Anit-Money laundering laws] It is unusual, and this causes many people out of the system because banks were afraid of their prosecution, and fines, because if a mistake – Cana, Willa, must pay a billion dollars. “
Dimon’s comments come after President Trump launched the Bank of America and JPMorgan Chase during a global, virtual economic forum session, accusing them of the wrong deprivation of the conservatives from reaching bank accounts.
Republican lawmakers are now paying for legislation that will clearly explain when banks cannot reject services to customers.
The list of bankers included in the closed meeting in Washington included CEO of Bank of America Brian Moinhan, CEO of Wales Fargo, Charles Sherf, CEO of Capital One Richard Ferbank and executives from many large American financial institutions.
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