Stephen Cutler is pretty sure a 9-figure settlement is still something. It's the thought that counts.
Stephen Cutler, speaking Friday morning at an industry conference, fired back at the government and said that the regulation of banks is spiraling out of control. He said regulators are wasting taxpayers' resources by piling on infractions and issuing multiple fines for the same issue. He also questioned whether the current size of the fines his bank and others are being forced to pay makes sense. Earlier this week, JPMorgan finalized terms of its $13 billion settlement with the government over mortgage misdeeds stemming from the run-up to the financial crisis. "We should all be concerned that there doesn't seem to be a natural end point to how high fines could go," Cutler told the audience of bankers and regulators. "One hundred million dollars is still meaningful."