Very interesting article on the problem / disaster of trying to rescue the national banks. The large, national banks need to be broken into pieces.
http://www.dismountingourtiger.com/economics/bank-bailout-yields-collateral-damage-double-standards-poor-solutions/comment-page-1#comment-91
How can we as consumers help?
http://my.barackobama.com/page/group/AmericansforSmartBanking
The mortgage bailout still continues to fail. Copyrighted 2009, Andrew Liput. Andrew Liput is managing attorney at Liput Law Offices PC in NJ and is a consultant to the banking industry on legal and compliance issues. His website is at www.liputgroup.com
See the blog post below.
http://www.mortgageindustrytrends.net/bailout_helping_wall_street_not_main_street
For further information on financial matters for small business and consumers see my blog at
http://my.barackobama.com/page/community/blog/FinanceMatters
NOW is the time to write your Senator to put some teeth in this bill for the consumers!
Received from Congress Emanuel Cleaver newsletter EC From DC - May 1, 2009 regarding Credit Cardholders' Bill of Rights being passed House finally provides some relief to consumers. However, there are several things missing from the bill. More needs to be done.
1. Control and regulation of credit reporting agencies to provide same information to consumers as to companies requesting information on a consumer.
2. Control and regulation of credit reporting agencies to provide accountability for the inaccurate informaiton and errors they create.
3. Control and regulation of the companies reporting credit informaiton to the reporting agencies to make them accountable for the accuracy of the information reported the same as a public companies financial statements.
4. NO cap rate caps?? What is that?
You all need to respond to this even if you are not currently having credit card issues or any financing issues. This is directed primarily at credit card companies; however, it should apply to all financing / loan activities. Feel free to add to this list and reply to all as well as forward to new email addresses.
The Fed has been joined in putting forth these proposed changes by the Office of Thrift Supervision and the National Credit Union Administration.The Fed has provided a seventy-five day comment period - to approximately mid-July. Providing your comments to the Fed is easy:On the Fed's web site (scroll down to the bottom of the page to Regulation AA - click on submit comment)By email to: regs.comments@federalreserve.govBy fax to (202) 452-3819 or (202) 452-3102By regular mail to:Jennifer J. JohnsonSecretary, Board of Governors of the Federal Reserve System20th Street and Constitution Avenue, NWWashington, DC 20551Be sure to reference Docket No. R-1314 in your written comments.All comments will be public and can be viewed online on the Fed's web site. Pro or con - this is an important payment card industry issue worth your comments.
Received a blog response from Banker's Compliance Consulting Blog in part below:
"This is exactly the type of person we are trying to warn you about! How does this blog make it "apparent . . . many financial institutions are discriminating illegally"? Only someone without your interests at hand would jump to such a conclusion.
Let me make it clear. We don't recommend you hide your data or make it inaccessible. We are simply advising you to follow the regulatory requirements when releasing your HMDA data. ..."
Hmmm - Now this blog has seemingly changed their recommendation from making it difficult to obtain data to ... "we don't recommend you hide your data or make it inaccessible". Yet that is exactly what the blog has encouraged banks and financial institutions to do... make data as difficult to access as possible.
This blog is trying to warn you about a someone like me reporting Banker's Compliance Consulting Blog to the Federal Reserve for encouraging banks and financial institutions to make it difficult for individuals to access Home Mortgage Disclosure Act (HMDA) data. Now - if you were doing everything you could to make it difficult for someone to access REQUIRED data, what would be your first inclination?
Would you suspect the bank or financial institution is attempting to hide something! As I recall federal compliance laws it goes something like this "impropriety or the appearance of impropriety..."
Again - I encourage you to send a message to this blog telling them to stop requesting banks and financial institutions make it DIFFICULT for consumers to access required HMDA data and file a complaint with the Federal Reserve.
Received this from the consultants@bankerscompliance.com which is a Banker's Compliance Consulting Blog. Read below how these consultants tell the banks how to make it difficult for the consumers to get the Home Mortgage Disclosure Act (HMDA) information regarding discriminatory lending practices.
It is apparent from this article many financial institutions are discriminating illegally.
Put a message on this blog for them to stop this practice and report them to the Federal Reserve and FDIC as a consumer complalint. Ask them to send a letter to this blog to stop sending messages encouraging illegal practices.
________________________
My message to this blog and to Federal Reserve / FDIC
As banking consultants, your encouraging the banks to make it difficult for the consumers to get the Home Mortgage Disclosure Act (HMDA) information regarding discriminatory lending practices, is encouraging banks to hide those activities and make them inaccessible. Stop encouraging illegal practices.RETRACT THESE STATEMENTS IMMEDIATELY! It is apparent from this article many financial institutions are discriminating illegally.Your activities are being reported to the Federal Reserve and FDIC.
HMDA Data Requests Posted: 22 Apr 2009 10:00 PM PDT We are hearing that many banks have recently had requests for their HMDA Data. While you are required to make this information available, you are not required to provide it for free or provide the data electronically.
Update on Cass Bank. Met with Mark and Jeanne. They would not allow the customer to negotiate with the decision maker on the loan. They would not disclose the credit policies by providing the written policies, only stating the customer did not meet the criteria or the customer falls outside the criteria.
Well as Senator Emanual Cleaver told some highly paid executives, who took huge bonuses even though the company lost millians, at a Congressional hearing"HAVE YOU NO SHAME! HAVE YOU NO SHAME!"
Small Business needs YOUR HELP TO STOP PREDATORY LENDING PRACTICES. Below are representations of small business who has filed complaints to the Federal Reserve in Washington, D. C. and St. Louis regarding Cass Commercial Bank in St. Louis, MO. I should tell you up front the Federal Reserve position is there is no mechanism for Small Business complaints, only consumer complaints. The Federal Reserve in St. Louis will send a Bank Examiner to review; however, with the backlog of complaints it is going to be months before the Federal Reserve will investigate. SMALL COMPANIES DO NOT HAVE MONTHS!
This particular business is A Women-Owned Business Enterprise (WBE) Certified Company and US Government Central Contractor Registered.
Where is our Government! It is time FOR CHANGE!
