Exhibit A as to why agencies like the FDIC, FED, OCC etc ad nauseum should not be allowed to be mis-named as protectors of consumer interest and why we need a completely separate Consumer Financial Product Safety Commission:
Federal Reserve Chairman Ben Bernanke has told Congress that accelerating the effective date of credit card reform legislation would be good for consumers -- but that credit-card issuers need more time to adjust to the new rules.
That's funny, because in the blink of an eye they can adjust my rates, adjust my credit line and/or screw adjust my credit score from here to Timbukto like Mandingo on Viagra.
But, to not do those things requires an additional year to figure out? I don't think so.
Thank you Ben the Beard for showing your true colors. Again.
You know, the banks don't have a problem accelerating their collections departments.
The banks don't have a problem accelerating repayment schedules.
All of a sudden they're in touch with their inner brake pedal. I don't think so. Carolyn Maloney agrees.
Democrats on the House Financial Services Committee are pushing a bill to move up the effective date almost three months, to December 1. The law protects consumers from some of the worst credit card abuses, including sudden interest rate increases...
"This bill is needed because too many credit card companies have been using the period since the bill's signing -- the period they pressed for, to prepare for the changes in their business -- in a way that betrays the confidence of their customers," Democratic Congresswoman Carolyn Maloney said in September. After President Barack Obama signed the law in May, some banks responded by raising interest rates and fees
That's right, Ben. They're not using this time for anything but gouging and gorging.
Forgive us, if we seek to limit their recess play.
In Ben's own words -
"Issuers must be afforded sufficient time for implementation to allow for an orderly transition and to avoid unintended consequences, compliance difficulties and potential liabilities."
Sorry, Ben. We can't afford their idea of transition. As for unintended consequences, compliance difficulties and potential liabilities...Karma's a bitch aint she.
The bullies have us upside down by the ankles and Ben's idea of an appropriate intervention is to wait until our feet fall off.