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Old 05-06-2011, 08:10 AM  
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Bristol, Tennessee
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Republicans: We don't need Consumer Financial Protection Bureau

nope we have no need for Consumer Financial Protection Bureau specified in the Dodd=Frank law, The free market is handling it: (image below)

also related: Most who signed up for overdraft protection did so thinking it worked differently the it did.....
Most Who Opted In To Overdraft Protection Were Wrong About How It Worked - The Consumerist
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Old 05-06-2011, 08:18 AM  
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Greenville, SC
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I could be mistaken but if you don't spend more than you have, then the things you have listed are a non-issue. Am I missing something?
As far as different names for "overdraft" who cares? They all sound like the same thing to me....
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Old 05-06-2011, 08:57 AM  
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Originally Posted by YelloJeep View Post
I could be mistaken but if you don't spend more than you have, then the things you have listed are a non-issue. Am I missing something?
As far as different names for "overdraft" who cares? They all sound like the same thing to me....
The issue is far more then that, why do we have contracts longer then two books when the information can be contained in one page? why can banks have such complex methods of fees where it can be an ordeal to get a full listing? why can't loans whether they are home/auto or personal have standard laws applying to how they work. (Such as paying down principal and how that can be done.

When a bank can reorder transactions so they can get overdraft charges even if the order received would not have overdraft charges then that is no longer fair capitalism....
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Old 05-06-2011, 09:44 AM  
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Originally Posted by RedJeepXJ View Post
The issue is far more then that, why do we have contracts longer then two books when the information can be contained in one page? Probably (partially) due to lawyers pushing for everything to be spelled out (unfortunately spelled out in lawyer talk!)
why can banks have such complex methods of fees where it can be an ordeal to get a full listing? why can't loans whether they are home/auto or personal have standard laws applying to how they work. (Such as paying down principal and how that can be done. I believe that the answer to this is people being more educated with interest, principal, and all things loan related. NOT regulation. I'm pretty sure that you just document that it is for "principal" and let them know then they put it into principal unless the signed contract says otherwise. That too is key, READ THE CONTRACT.
When a bank can reorder transactions so they can get overdraft charges even if the order received would not have overdraft charges then that is no longer fair capitalism....I have to agree with you there... this is an unethical practice.
I must say, I don't recall ever having a problem with any of those fees or disclaimer stuff. I will also say, I HATE HATE HATE all the small disclaimer stuff associated with cable, phone service, and all that type of stuff. The price they show on the front is rarely the ACTUAL price. (I know, completely unrelated...Sorry)
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Old 05-06-2011, 10:04 AM  
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Originally Posted by YelloJeep View Post
I must say, I don't recall ever having a problem with any of those fees or disclaimer stuff. I will also say, I HATE HATE HATE all the small disclaimer stuff associated with cable, phone service, and all that type of stuff. The price they show on the front is rarely the ACTUAL price. (I know, completely unrelated...Sorry)
IT doesn't come down to legal requirements, these go beyond that to the point of obfuscation. Many banks will call fees by many different names for example and beyond all that absolutely nothing stops them from giving a fees page with a summary of each fee, not a thing....

and contracts that are several hundred pages long? really?

plus when you add in that most companies put in that they can change the terms at any time and send out notices about changes where they don't list the changes but instead list the entire policy over again? you really think it's reasonable to expect people to read it?
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Old 05-06-2011, 10:25 AM  
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Greenville, SC
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Originally Posted by RedJeepXJ View Post
IT doesn't come down to legal requirements, these go beyond that to the point of obfuscation. Many banks will call fees by many different names for example and beyond all that absolutely nothing stops them from giving a fees page with a summary of each fee, not a thing....

and contracts that are several hundred pages long? really?

plus when you add in that most companies put in that they can change the terms at any time and send out notices about changes where they don't list the changes but instead list the entire policy over again? you really think it's reasonable to expect people to read it?
Did I read all contracts? probably not. Do I think it is right for them to say something about them being able to change the contract? Not really, but if there is a change I usually get a letter.
And again, I have never had a problem myself with any of these "fees".
Why is that? Oh, I don't know. Maybe I am just lucky

Oh yeah, if I am uncomfortable with a contract because it doesn't make sense or there is too much "junk" in it, then I go somewhere else or do without. (Not just with banking)
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Old 05-06-2011, 08:46 PM  
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Originally Posted by RedJeepXJ View Post
nope we have no need for Consumer Financial Protection Bureau specified in the Dodd=Frank law, The free market is handling it: (image below)

also related: Most who signed up for overdraft protection did so thinking it worked differently the it did.....
Most Who Opted In To Overdraft Protection Were Wrong About How It Worked - The Consumerist
Banks and insurance companies are among those writing the laws!
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Old 05-06-2011, 09:06 PM  
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It's not the Republicans that are the problem, it's the lawyers. And yes, there are Democrat lawyers too.
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Old 05-06-2011, 09:32 PM  
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Even Liberals will worship the almighty dollar. It is the breath of life you know.
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Old 05-06-2011, 09:47 PM  
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The fox is in the hen house demanding we buy him a chicken suit and pretend he's a chicken.


On PBS they said in 1980 CEO pay averaged 42 times that of the average worker. Today it's 320 times the average worker's pay. They said "on Wall Street it's like the Recession never happened."
Republicans: We don't need Consumer Financial Protection Bureau-chicken-suit.jpg 

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