JPMorgan CEO: Nonbank lending poses a danger

by Rachel.Norvell13 Oct 2014

Jamie Dimon, CEO of JPMorgan Chase, said recently he doesn’t believe a lot will keep the U.S. economy down – except for nonbank financial systems.

At the Institute of International Finance membership meeting in Washington, D.C., Friday, Dimon was asked what keeps him up at night; he replied that nonbank lending poses a danger, "because no one is paying attention to it." He added the system is "huge" and "growing,” according to CNBC.

The head of the largest U.S. banks in assets also said he is concerned about the hacking of bank computer systems. JPMorgan already spends about $250 million a year on cybersecurity, but that amount could double during the next four or five years. Earlier this year, about 76 million American households were affected by the JPMorgan security breach.

COMMENTS

  • by mouth | 10/13/2014 12:35:54 PM

    really?? No one is watching it? CFPB, NMLS, State DFI departments, Hud audits, etc etc, is he smoking something???? The government monitors every single mortgage that closes now.

  • by Lender Bill | 10/13/2014 12:44:17 PM

    Unreal!!!! The $8B loss from one of his traders doesn't keep him up at night. What a dope!!!!!

  • by concernedlender | 10/13/2014 12:46:35 PM

    Translation: Our most important task is to raise the revenue at big banks from lending. We think the best way to do it is to make and lobby for rules that force all lenders to be employed by big mega banks like us. Once we get this legislated we can reduce competition, lower wages and up fees and rates to the consumer as much as we want and become even more profitable... Profit profit profit is all that matters to us.

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