JPMorgan Chase Increased Lobbying Activity in Third Quarter
Posted at 11:46 a.m. on Oct. 24, 2013
The nation’s largest bank, which has just agreed to pay $13 billion to settle government lawsuits over mortgage-backed securities, reported it increased its lobbying efforts during the third quarter.
JPMorgan Chase & Company reported it spent $1,430,000 during the third quarter, which was an increase from the $1,270,000 spent in the second quarter. The bank lobbied the Department of the Treasury, the Federal Reserve, the Federal Deposit Insurance Commission, the Office of the Comptroller of the Currency, the Department of Housing & Urban Development, the Federal Housing Finance Board, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the U.S. Senate, and the U.S. House of Representatives. Their report detailed their specific lobbying issues.
Large banks, in general, reported they lobbied on derivatives and credit default swaps, capital leverage matters, Terminating Bailouts and Taxpayer Fairness Act, private student lending, housing finance reform, money market reform, large bank regulations, Dodd-Frank implementation, active finance income and international tax reform, cybersecurity, immigration, among others issues.
The Top Banks Spending on Lobbying in the Third Quarter:
Wells Fargo & Co. spent $1,560,000 – up from $1,430,000 in Q2.
JPMorgan Chase & Co. spent $1,430,000 – up from $1,270,000 in Q2.
Citigroup Management Corp. spent $1,380,000 – down from $1,450,000 in Q2.
HSBC-North America spent $640,000 – up from $565,000
Bank of America Corp. spent $440,000 – down from $560,000 in Q2.
Mellon Financial Services Corp. spent $400,000 – up from $280,000 in Q2.
Regions Financial Corp. spent $330,000 – down from $350,000 in Q2.
Capital One spent $320,000 – down from $360,000 in Q2.
TD Bank, NA spent $280,000 – up from $260,000 spent in Q2.
BB&T Corp. spent $262,332 – up from $172,845 in Q2.
State Street Bank and Trust Co. spent $240,000 – same as Q2.
U.S. Bancorp spent $210,000 – down from $450,000 in Q2.
RBC Capital Markets LLC spent $150,000 – down from $260,000 in Q2.
PNC Financial Services spent (not filed yet) – spent $140,000 in Q2.
SunTrust Banks spent $75,000 – down from $355,000 in Q2.
Other lobbying was done by:
American Bankers Assn. spent $1,790,000 – down from $2,610,000 in Q2.
Financial Services Roundtable spent $1,200,000 – down from $1,320,000 in Q2.
Independent Community Bankers spent $920,000 – down from $1,671,000 in Q2.
Consumer Bankers Association spent $590,000 – up from $550,000 in Q2.