Senate Majority Whip Richard Durbin told the head of JPMorgan Chase that there is "no need for you to threaten your customers with higher fees (if interchange fees rise) when you and your bank are already making money hand over fist."

In a sharply worded, 4½-page letter to Chairman/CEO Jamie Dimon, Durbin (D-Ill.) defended the needed for his amendment and admonished Dimon to stop making misstatements about it.

He took issue with Dimon's recent statements that the amendment is "price fixing at its worst'' and "downright idiotic.''

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