At a JPMorgan town hall meeting on Wednesday, CEO Jamie Dimon was asked whether the decision by the administration of U.S. President Donald Trump to abruptly stop work at the Consumer Financial Protection Bureau (CFPB) and question its existence was good news for the industry. Dimon told his employees that it was hard for the bank when "policies flip back and forth" and that he preferred consistent policies.
The CFPB had some good consumer protection rules, especially when it came to areas such as payday lenders, he said, according to a recording of the meeting, which has not been previously reported.
Still, he was not mourning the dismantling of the agency. "The only good I'll say about the CFPB is there are consumer protection rules that are good," said Dimon. He added that the agency had "massively overstepped their authority" and used an expletive to describe the former CFPB director, Rohit Chopra, a Democrat who led an aggressive enforcement campaign against the industry.
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