|Camden Fine, Independent|
Community Bankers group
Jamie Dimon, CEO of JPMorgan, the nation's largest bank, wrote an op-ed for The Wall Street Journal arguing "that big and small banks should unite as allies, not enemies, as they are 'interdependent' as customers as well as competitors," McLannahan writes. Camden Fine, head of the Independent Community Bankers of America, which represents more than 6,000 banks with almost $4 trillion of assets, responded with a letter of his own. Fine said "the reliance of the biggest banks on 'a government guarantee against failure' had 'destabilised the banking ecosystem.'"
Fine also pointed out that "Democrats rejected a Republican bill to extend relief to community banks because they said it contained a host of unacceptable concessions for Wall Street," McLannahan writes. Fine told The Financial Times, “We could probably pass our agenda tomorrow, if the megabanks didn’t constantly interfere. And so the tactic of Jamie Dimon and some of the other CEOs and their trade-group allies is to try and paint this picture that community banks are somehow hurting Wall Street banks, when the truth is just the opposite.” (Read more)