Re: Consumer Protection: 98% of Banks Exempt From New Oversight Regulations

[Nikki Stone1]

http://globaleconomicanalysis.blogspot.com/2009/10/word-of-day-exemptions-98-of-banks.html

Inquiring minds are reading the New York Times article Bill Shields Most Banks From Review.

Bowing to political pressure from community bankers, the House Financial Services Committee approved an exemption on Thursday for more than 98 percent of the nation’s banks from oversight by a new agency created to protect consumers from abusive or deceptive credit cards, mortgages and other loans.

The carve-out in legislation overhauling the regulatory system would prevent the new consumer financial protection agency from conducting annual examinations of the lending practices at more than 8,000 of the nation’s 8,200 banks, leaving only the largest banks and other lenders subject to the agency’s examiners.

Earlier in the day, the committee completed its work on a different contentious provision of the legislation when, on a nearly straight party-line vote of 43 to 26, it approved tougher regulations over the derivatives market. That provision, too, contained exemptions for many businesses.

Under the Miller-Moore amendment, the new agency would have the authority to write rules for all banks and other lenders, including lenders that have never faced significant regulation. But the banks with assets of less than $10 billion and credit unions smaller than $1.5 billion would not face regular exams by the agency.....

[gateley]

1. That should be on all their tombstones: Bowing to political pressure...nt

[Nikki Stone1]

2. Oh, the things I'd really like to put on their tombstones....

:grr:

[BrklynLiberal]

3. Talk about all words and no action.......

[AllentownJake]

4. Well the positive news is state regulators can regulate these institutions

Of course depending on what state you live in you will replace citibank with shitty big statewide institutions. At least those won't be too big to fail.

[Nikki Stone1]

5. State politics can be very provincial and worse than Federal politics

At least in my experience.

[AllentownJake]

6. Depends on the state

I guarantee you New England will protect its own citizens as will the Pacific Northwest and probably Michigan and Minnesota. CA,PA,MD,NJ and Delaware will write half ass regulations that are better than nothing.

The South and the Midwest and west will have outright theft and craziness going on at a state level.

[Nikki Stone1]

14. So you and I need to move to New England or Seattle.

:)

[Allyoop]

7. That's the idea

I think that the ones that are "too big to fail" are the ones that need the most attention. Do we have enough government regulators to do a thorough job of investigating and making sure every financial institution is "behaving"? Best keep an eye on the biggest and worst cases.

[AllentownJake]

9. I'm all for the states regulating more of their financial institutions

At the end of the day, the citizens of the states will be responsible for the type of lending institutions that they have. I'd rather the regulatory process for my bank not have to get approval of some asshole in South Carolina.

[Nikki Stone1]

22. OK. I'l buy that.

:)

[lonestarnot]

24. Not so.

[Nikki Stone1]

8. Ah, my unrec'ing fans have been here

:rofl:

[Quantess]

10. Whoever unrec'd this deserves a tombstone.

[Nikki Stone1]

13. Do the mods even double check the unrec'ers?

I always wonder.

[AllentownJake]

26. I'm sure they can

but they aren't trolls, they just are people whose eyes get offended seeing certain things.

[dolphindance]

11. You didn't blame Pres. Obama, so I will not unrec.

You have a sexy name, BTW. :)

[Nikki Stone1]

12. Well thank you

for both comments. :)

[saracat]

15. That appears so! Knowlege is evil to some!

:rofl:

[Nikki Stone1]

16. I know.

BTW, did you get my IM?

[saracat]

19. Yup.

[AllentownJake]

17. Some people read things to learn

and some people read to reinforce their world view.

[saracat]

18. Fabulous quote. Can I steal that?

[AllentownJake]

20. You sure can

The crazy thing about me, is I'll probably read Glenn Beck's book. I've read Bill O'Reilley's and Anne Coulter's. I'll find it repugnant and think he's crazy, but at least I'll know the crazy, and you really can't debate crazy unless you know where crazy stands.

[saracat]

21. I occasionally check in to FOX to see how they are handling things.

I surfed by Reilly the other day and it is obviously true they are worse then ever.I have some thoughts about that but they are for another conversation. One my proudest moment as a TV interviewer was when I met the WH Press Corp at an event for the Presidential Debates and I refused to shake Hannity's hand because I said he wasn't a journalist. I had made a statement about being glad to meet some whose work I respected as journalist, and after David Gregory shook my hand , Hannity jumped in. I still giggle about that.

[AllentownJake]

25. My Dad

God rest his soul was a big O'Reilley fan, the books are lying around the house. The guy is a loon, but I can see how he appeals to white males 40-70.

[Nikki Stone1]

30. Yeah. That age group really gets into O'Reilly

He speaks their language and then leads them astray.

[lonestarnot]

23. I've my consumer protection right here!

:kissmyassbanks:

[Nikki Stone1]

27. LOL!!

:D

[DailyGrind51]

28. Maximizing the income of the top 200 individuals is the only objective.

[Nikki Stone1]

29. I guess that is. Our government is totally gone.

We're living in the bankster nation.