Deep in Jamie Dimon’s 66-page letter to JPMorgan shareholders last year lies a chart: 11 ways being a bank is costlier than being a fintech company, from deposit insurance to higher capital and liquidity requirements. The longtime chief executive officer tallied tens of billions of dollars that he says such rules cost the bank over the past decade.
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As fintech eats into profits, big banks fight back in Washington
Fintechs now have their own trade groups advocating for them in Washington, such as the Financial Technology Association. Bank lobbyists, meanwhile, are focusing on such agencies as the Treasury Department, the Fed, and the Consumer Financial Protection Bureau, according to people with knowledge of their strategy, because they seem most ready to move on these issues. In December a key group of top financial regulators said that it could act to address stablecoins if Congress doesn’t.
