The heads of major U.S. retail banks faced renewed criticism yesterday from Democratic lawmakers who said financial institutions should not have charged Americans billions of dollars in overdraft and other fees during the pandemic, Reuters reported. Testifying before Congress for the second time this week, the CEOs of JPMorgan Chase, Bank of America, Citigroup Inc. and Wells Fargo & Co. highlighted their banks' efforts to waive fees and offer more affordable accounts after Sen. Elizabeth Warren attacked them over the costs. JPMorgan CEO Jamie Dimon, who bore the brunt of Sen. Warren's ire during Wednesday's Senate hearing, said his bank waived $400 million in overdraft fees for customers who asked for help since the pandemic began. Warren had slammed JPMorgan for gathering $1.46 billion in such fees. On Thursday, House Financial Services Committee Chairwoman Maxine Waters, another Democratic critic of Wall Street, also raised concerns that banks had "raked in" fees "at a time when individuals and families across the country are struggling." Wells Fargo CEO Charles Scharf was pressed by Democratic Rep. Carolyn Maloney for charging "predatory" overdraft fees on debit card transactions. Scharf, who is trying to turn Wells Fargo around after its six-year sales practices scandal, said the bank was looking to be "more consumer-friendly." He said it had recently launched an overdraft-free account that is "probably" now its most popular.
