While the COVID-19 shutdown was impacting people's jobs and businesses and transportation and supply chain and all, banks were busy hoovering up federal funds to support the infrastructure.

While JPMorgan Chase Was Getting Trillions of Dollars in Loans at Almost Zero Percent Interest from the Fed, It Was Charging Americans Hit by the Pandemic 17 Percent on their Credit Cards

That doesn't mean they were doing what they were supposed to be doing with the cash. Instead of making the credit available to people who needed it, they continued making life difficult and expensive.

A trading unit of JPMorgan Chase also borrowed $400 billion in cumulative, term-adjusted loans from the Fed’s Primary Dealer Credit Facility (PDCF) during 2020. All of those loans were made at a fixed rate of 0.25 percent even though the Fed accepted lower-grade collateral, such as asset-backed securities, for some of the loans.

JPMorgan Chase’s money market funds also needed to borrow a cumulative $24.8 billion from the Fed’s Money Market Mutual Fund Liquidity Facility (MMLF) to bail themselves out during March and April of 2020. Some of those loans didn’t mature until 2021. JPMorgan borrowed from the Fed’s MMLF at rates between 0.50 and 1.25 percent.

While JPMorgan Chase, which has admitted to five criminal felony counts since 2014, was getting these sweetheart deals from the Fed, it was charging Americans who were struggling from the impact of the COVID-19 pandemic as much as 17 percent on their credit cards. You can read one of its credit card customer’s complaints about that 17 percent interest at this link at the Consumer Financial Protection Bureau’s (CFPB) complaint database.

Further down the article:

We asked the CFPB database to show us just complaints against JPMorgan Chase since it started receiving those cozy low-interest repo loans from the Fed on September 17, 2019 – months before any COVID-19 cases had been reported anywhere in the world. The database turned up 28,974 complaints. You can browse through them here.