If enacted, the rules could put an end to one of the cornerstones of banking —
"The industry is facing an onslaught of regulatory and potential legislative change," Lake said in May at the bank's investor day. "The cumulative impact to the industry and to consumers could be profound."
Rules enacted by the Consumer Financial Protection Bureau that would cap overdraft fees at $3 and credit card late fees at $8, and a proposal by prudential regulators to raise capital requirements, have not been adequately studied, Lake said. She thinks the rules, if enacted, will impact the consumers who can least afford it.
"I think it is reasonable to expect the industry will make sweeping changes to how products and services are offered and priced," Lake said. "The upshot of which is that credit becomes much more expensive and free checking may only be attainable for the most affluent Americans."
Lake was born in Maryland but grew up in southern England. She had a head for numbers, and graduated with a degree in physics from Reading University. She trained as an accountant at PwC in London and, in 2000, she joined
In January, Lake became full CEO of the consumer and community banking division, a role she had shared for more than three years with Jennifer Piepszak, who was named co-CEO of the newly formed commercial and investment bank along with Troy Rohrbaugh.
In her current role, Lake is focused on growing the bank's customer base, saying she wants to add more credit card and deposit customers, while keeping them digitally engaged and deepening their experiences with additional products and services.
Lake has set an ambitious goal of capturing 15% of all consumer deposits, up from the current 11.3% market share. Another goal is to grab a fifth of all credit card spending, up from 17%. Since 2019, Chase has seen a 30% jump in credit cards while its digital banking platform now has 67 million active users. Checking accounts have grown 20% in the last four years, with 2 million new customers added last year alone.
Chase is one of the few banks still investing significantly in branches, which is not a surprise given that 900,000 people walk into a Chase branch every day. The bank has opened nearly 700 branches since 2019, more than all of its large-bank peers combined. It plans to build 500 more in the next three years.
The bank increasingly is launching online platforms for customers to engage with more frequently by meeting with a banker, asking for financial advice or seeking help with investing. Earlier this year, the bank launched the Chase Travel portal that offers hotel bookings, airport lounges and other perks for Chase credit card customers to earn and redeem points. The bank has 10 million active users of Credit Journey that offers a free credit score check. A digital money coach, Wealth Plan, helps customers view their finances and create a plan to reach their financial goals.
"We've consistently demonstrated that when we launch new experiences, they scale quickly," Lake said.
Lake is a member of Chase's operating committee. In addition to her role at the company, she is a member of the Federal Reserve Board of Governors' Federal Advisory Council, where she serves as a bank representative from the New York Fed. She also co-founded Women on the Move, an initiative supported by the bank that works to expand women-run businesses by providing financial literacy training and coaching.
As if she doesn't have enough to do, Lake also is the operating committee sponsor of Access Ability, a group that serves as a resource for the bank's more than 30,000 employees with disabilities, long-term illnesses or caregiver responsibilities.
