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According to reports from ZeroHedge, Marianne Lake, the CEO of JPMorgan Chase’s Consumer Lending division, warned that the bank might start charging customers for services like checking accounts and wealth-management tools if elected officials in Congress proceed with the enactment of policies that cap overdrafts and late fees.

According to Lake, “The changes will be broad, sweeping, and dramatic.”

Organizations such as the Consumer Financial Protection Bureau have proposed capping late credit card payment costs at $8 and overdraft fees at $3. Furthermore, there are reports that Chase may put a cap on debit card costs, as well as the amount banks can charge CashApp and Venmo for accessing and utilizing their clients’ data.

The CFPB passed a regulation limiting late fees on credit cards back in March. To prevent it from becoming law, a number of financial sector associations launched a lawsuit. A judge is presently considering an appeal on the statute.

While the court case over the credit card late charge cap is still pending, some credit card firms have already announced their intention to transfer expenses to their individual customers.

According to an investor presentation, Chase has already laid out plans to increase interest rates and adopt a more cautious approach to credit card loan underwriting, as the Wall Street Journal reported.

In other words, regulations have the ability to increase the cost of otherwise common services. This is how economic interventionism operates. There are plenty of grounds for resentment toward the business world.

But in this case, employing punitive economic interventionism is not the best course of action, particularly if it lowers people’s standards of living.

Putting up policies that lessen the regulatory state’s influence in the economy while maintaining the supervision of central banks would be a preferable approach to handling these problems. Encouraging further involvement will only make things worse for the populace as the governing class gets richer.

Author: Blake Ambrose


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