Tag Archives: JPMorgan Chase

With Overdraft Fee Crackdown, ‘CFPB Is Doing What It Was Designed to Do’

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“The CFPB is proposing clear, enforceable rules that will reduce overdraft fees and save Americans billions, closing another lucrative regulatory loophole banks use to prey on consumers,” said one advocate.

By Brett Wilkins. Published 1-17-2024 by Common Dreams

Consumer Financial Protection Bureau Director Rohit Chopra testified on a semi-annual report of his agency before the House Financial Services Committee on Nov 29, 2023. Screenshot: C-SPAN

In a move cheered by progressive advocates, the U.S. Consumer Financial Protection Bureau on Wednesday proposed a new rule limiting how the nation’s biggest banks can charge overdraft fees.

The CFPB said its proposal “would close an outdated loophole that exempts overdraft lending services from long-standing provisions of the Truth in Lending Act and other consumer financial protection laws.”

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Gulf Oil Spill Shows ‘Danger of Banks Owning Energy Companies’

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“The Federal Reserve must enforce the Bank Holding Company Act and disallow Wall Street banks from controlling energy infrastructure, as it poses systemic risks,” said a Public Citizen campaigner.

By Jessica Corbett. Published 11-23-2023 by Common Dreams

An aircrew detected oil in the Gulf of Mexico on November 16, 2023. (Photo: USCG Heartland/X)

Banking giant JPMorgan Chase has financial ties to a company that owns the pipeline suspected of leaking up to 1.1 million gallons of oil into the Gulf of Mexico—a situation that watchdogs say demonstrates the danger of such business relationships.

“JPMorgan’s control over a company involved in a massive oil spill in the Gulf of Mexico clearly illustrates the danger of banks owning energy companies,” Tyson Slocum, director of consumer watchdog Public Citizen’s Energy Program, declared Wednesday.

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New Investigation Reveals How Fossil Fuel Giants Are Amplifying Militarized Police Forces

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“This report sheds a harsh and needed light on the ways police violence and systemic racism intersect with the climate crisis.”

By Andrea Germanos, staff writer for Common Dreams. Published 7-27-2020

Saint Paul, Minnesota police officers covered in riot gear march and line up during the 2008 Republican National Convention (RNC) at the Xcel Energy Center.. Photo: Tony Webster/Wikimedia Commons/CC

The same industries fueling the climate crisis and disproportionately polluting Black and brown communities across the U.S are bankrolling police foundations, groups which can help militarize local police departments.

That’s according to a new investigation from transparency group Public Accountability Initiative and its LittleSis project. Continue reading →

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You’ll Never Guess How Big Banks Want the Fed to Handle the Coronavirus: More Wall Street Deregulation

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“Surely, the big banks aren’t craven enough to use COVID-19 as an excuse to lobby for long-sought regulatory rollbacks, right? Wrong!”

By Jessica Corbett, staff writer for Common Dreams. Published 3-3-2020

The Bank Policy Institute, a lobbying group for big banks, drew criticism for a policy memo suggesting financial deregulation as a response to the coronavirus outbreak. (Photo: Phillipp/Flickr/cc)

A lobbying group for big banks in the United States came under fire Tuesday from financial industry experts for pressuring federal officials to push through long-sought regulatory rollbacks in response to the worldwide economic concerns sparked by the global coronavirus outbreak.

On Sunday, Bank Policy Institute (BPI) chief executive Greg Baer, head of research Francisco Covas, and chief economist Bill Nelson published a post on the group’s website entitled “Actions the Fed Could Take in Response to COVID-19.” The BPI is a lobbying group whose members include Bank of America, Citigroup JPMorgan Chase, and Wells Fargo. Continue reading →

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The US Just Seized a Ship Owned by JP Morgan That Had $1.3 Billion in Cocaine on It

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A container ship owned by JP Morgan has been seized after authorities discovered over $1 billion dollars worth of cocaine on the vessel.

By S.M. Gibson. Published 7-10-2019 by The Mind Unleashed

A container ship owned by JP Morgan has been seized by U.S. Customs and Border Protection (CBP) in Philadelphia weeks after authorities discovered over $1 billion dollars worth of cocaine on the vessel.

On June 17, U.S. Customs and Homeland Security led a multi-agency effort which detected inconsistencies in seven shipping containers and confiscated 39,525 pounds of cocaine. The cocaine has a street value of approximately $1.3 billion. Continue reading →

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In Bid for ‘Dystopian’ Surveillance Power, Facebook Asking Big Banks for Customer Data

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“How much more of your personal existence are you willing to give up to continue to be a sieve of your data for a multi-billion dollar corporation?”

By Jake Johnson, staff writer for Common Dreams. Published 8-6-2018

Screenshot: CNN

Apparently not satisfied with access to its users’ call history, text messaging data, and online conversations, Facebook has reportedly asked major Wall Street firms like JPMorgan Chase and Wells Fargo to hand over their customers’ sensitive financial data as part of the social media giant’s ongoing attempt to become “a platform where people buy and sell goods and services.”

And according to the Wall Street Journal—which first reported on Facebook’s plans on Monday—the social media behemoth isn’t the only tech company that wants access to Americans’ financial data. Google and Amazon have also “asked banks to share data if they join with them, in order to provide basic banking services on applications such as Google Assistant and Alexa,” the Journal pointed out, citing anonymous sources familiar with the companies’ ambitions. Continue reading →

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#ShutDownChase: Environmentalists Occupy Bank’s Seattle Office to Denounce Its Funding of Climate Disaster

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350.org Seattle says that since President Donald Trump took office, “JPMorgan Chase has quadrupled its investments in tar sands and increased its financing of coal by 2,100%.”

By Jessica Corbett, staff writer for Common Dreams. Published 5-7-2018

Female environmentalists occupied one of JPMorgan Chase’s bank lobbies in Seattle to demand divestment from fossil fuels. (Photo: @350_Seattle/Twitter)

With JPMorgan Chase’s annual shareholder meeting set to take place in Texas next week, 350.org Seattle and five other environmental groups organized a demonstration to protest the bank’s ongoing investment in fossil fuels, particularly tar sands.

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As Trump Threats Stir Global Arms Race, New Report Details the Nuclear War Profiteers

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“If you have been wondering who benefits from Donald Trump’s threats of nuclear war, this report has that answer.”

By Andrea Germanos, staff writer for CommonDreams. Published 3-7-2018

The new report “names those that are still okay with trying to make a profit from producing nuclear weapons.” (Photo: ippnw Deutschland/flickr/cc)

A new report offers a comprehensive look at who’s profiting from the new nuclear arms race.

“If you have been wondering who benefits from Donald Trump’s threats of nuclear war, this report has that answer,” said Beatrice Fihn, executive director of the International Campaign to Abolish Nuclear Weapons (ICAN), winner of the 2017 Nobel Peace Prize.

ICAN, along with Netherlands-based peace group Pax, released the report, entitled “Don’t Bank on the Bomb,” on Wednesday. It shows that 329 financial institutions in 24 countries invested $525 billion into the top 20 companies involved in the production, maintenance, and modernization of nuclear weapons from January 2014 through October 2017. Continue reading →

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