Yes, and not just JPMorgan Bank is under assault, but all banks come under assault at one time or another. Regulators have to do their job and by doing it, they will find something. All banks make mistakes and they also try to correct their mistakes. No bank is flawless.
Sometimes it is simply sickening the extent to which members of the banking and finance industries consider themselves so important to social and economic well-being that they are virtually untouchable. The truth of the matter is that these industries have enjoyed a high degree of autonomy for a very long time, and they have proven themselves irresponsible. Hence, tighter regulation is justified.
JP Morgan is exaggerating the negative effects of regulation on their business. They are doing this because regulations are indeed hurting them, but not to an unreasonable extent. Regulations are necessary to keep the market fair for all businesses. The regulators are not directly targeting JP Morgan or any other individual.
The federal government has the right to regulate the banking system. Remember the Federal Deposit Insurance Corporation (FDIC) and why it was established? It was established in 1933 after runs on banks. The banking industry failed to adequately run itself without significant intervention in that situation, so why should we believe that it will do that now? JP Morgan simply doesn't want close regulatory oversight, that's all.