Quotable: New Regulations To Raise Customer Costs?

“The people who will be most impacted are the ones who can least afford to be, and access to credit will be harder to get.” 

Marianne Lake, CEO of Consumer and Community Banking at JPMorgan Chase
“JPMorgan Warns Customers: Prepare to Pay for Checking Accounts,” The Wall Street Journal  

JPMorgan’s Marianne Lake warns that new regulations proposed in Washington could lead to significant changes for bank customers, including the end of free checking accounts and other services. If enacted, the rules—which aim to cap fees on overdrafts and late payments—are expected to result in increased customer costs elsewhere as banks compensate for the loss in fee income.