And the result? Not even a half-hearted slap on the wrist: "9 Big Banks, one Yuge problem".
“A top U.S. bank regulator issued a report on Wednesday finding some of the country’s largest banks unfairly denied services to some clients on political, religious or other grounds, but stopped short of imposing penalties.
“The de-banking report from the Office of the Comptroller of the Currency covered nine of the nation’s largest banks by asset size. The regulator found each had policies restricting some clients’ access to financial services based on subjective criteria rather than financial risk.”
There are two sides to the story and Reuters was quick to give the other side, “Banks have said they close accounts or deny services because of legal, financial or reputational risks, not politics.
“The regulator criticized the banks for the practices, but did not indicate any sanctions or punishments were forthcoming. It said it may consider policy changes to discourage such activity.” [emphasis mine - Paco]
Yeah, I'm sure the regulators will get around to that two weeks after never.
There are lots of "capitalist" rope salesmen out there, and lots of banks who are more than happy to finance them. Maybe these cowards should start thinking about an alternative to being the last one eaten by the crocodile. I mean, that strategy still means you get eaten at the end. Why not kill the crocodile and not get eaten at all?
Chase keeps not paying my monthly dues to Armslist dot com. It's like $5 or $6 a month.
ReplyDeleteNow that I have fully moved to KY, cars registered, DL, etc., I'm going to a local bank and gonna tell Chase why.
I didn't change before because it would have been a pain to change credit cards and bank accounts while moving with an intermediate address.