Banking Regulations – Where Are They?

Here in the US, the banking industry has declared open season on consumers as they rush to beat the upcoming government reforms and regulations.

Of course the banking industry is fighting tooth and nail against any such reform, and understandably so. You’d be upset too if you were suddenly being threatened with the suspension of your license to steal.

These institutions pay big money to lobbying firms to fight decent regulations and much of this money used against the consumer, was supplied by the consumer in the first place.

This shell game of sorts is exactly what has been going on for far too long and the US government has been slow to move on this. In the meantime, the gouging continues.

Is Washington really listening to the consumers or the lobbyist?

Congress is well aware of this issue and have decided to do something about it, but the timeline is too long and the banking industry is taking full advantage.

The doubling and tripling of credit card rates, without cause, is nothing short of legalized loan sharking. Of course the banks will tell you that you have a right to close your account, translation: pay me all that you owe now and take a hike.

In the meantime, the race is on, and the banks are gouging the consumers with impunity. There is no penalty for these actions and to be honest, these greedy banking Executives just don’t care.

Now keep in mind, many of these banking institutions would have likely had to close their doors were it not for the American taxpayer bailouts of a year ago. So look at the gratitude for saving their operations. This is disgraceful behavior and the banking industry is shameless.

Have a look at this video report from MSNBC.

As you can see, this is totally unfair to the consumer and the people that were sent to Washington to represent you need to step it up and freeze rates or institute some regulations with some teeth to protect the American taxpayer.

What’s your take on take on this?

You may add your comments below.

Be Sociable, Share!

•