Just when you think the Banksters can't get any more brazen in their efforts to rob us blind.....

[marmar]

:wow:



U.S. Banks Fight Obama’s Consumer Agency to Protect Their Fees
By Alison Vekshin


June 25 (Bloomberg) -- U.S. banks are fighting the Obama administration plan to create a consumer agency for financial services as they seek to protect fees, such as credit-card penalties that have almost doubled to $19 billion in five years.

Fees imposed by banks accounted for 53 percent of industry income in 2008, up from 35 percent in 1995, according to R.K. Hammer Investment Bankers, a credit-card advisory firm. JPMorgan Chase & Co., the second-largest U.S. bank by assets, said such revenue doubled in the first quarter. A U.S. Consumer Financial Protection Agency also may add costs by expanding scrutiny.

The supervisor “would be an additional, parallel regulatory system representing a major burden, a potentially punitive approach, and significant indefinable regulatory risk,” Alex Pollock, a fellow at the Washington-based American Enterprise Institute, testified yesterday at a House Financial Services Committee hearing on the proposal.

Obama’s plan for an independent agency in the overhaul of financial regulation has won endorsement from Senate Banking Committee Chairman Christopher Dodd and Financial Services Chairman Barney Frank, who will write the legislation. Frank yesterday said the agency is needed because regulators focused on banks’ financial health may downplay consumer complaints.

Support from Dodd and Frank sets “long odds for the industry,” said Oliver Ireland, a partner in the financial services practice group at Washington’s Morrison & Foerster LLP.

Banking trade groups such as the American Bankers Association said Obama’s “highly controversial” agency will raise costs for responsible consumers and mandate the types of products banks and financial institutions should offer. ABA President Edward Yingling yesterday testified the agency will “saddle consumers and providers with a new regime of fees.” ..........(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601213&sid=agR2UE7gabLM

[BobRossi]

1. Why does this administration reward them?

Why are we, the tax payer paying these rat-bastards to screw us?

[hobbit709]

2. If the banks are against it, I'm for it.