Obama Says Banks Use Regulations as ‘Excuse’ to Charge More

[ProSense]

Obama Says Banks Use Regulations as ‘Excuse’ to Charge More

By Hans Nichols and Margaret Talev

Oct. 6 (Bloomberg) -- President Barack Obama said U.S. banks are using regulations imposed after the financial crisis as an “excuse” to impose new fees on consumers.

“People have been using financial regulation as an excuse to charge consumers more,” Obama said today at a White House news conference. “Basically the argument they’ve made is, well you know what, this hidden fee was prohibited so we’ll find another fee to make up for it.”

Bank of America Corp., the biggest U.S. lender, and rivals including JPMorgan Chase & Co., Wells Fargo & Co. and SunTrust Banks Inc., are rolling out new charges for debit-card users as Dodd-Frank Act rules imposed by the Federal Reserve take effect this month.

The limits may reduce annual revenue at the biggest U.S. banks by $8 billion, data compiled by Bloomberg Government show. The fees have drawn criticism from Obama and some Democratic lawmakers, who are fighting Republican attempts to scale back Dodd-Frank.

more

The reason Dodd-Frank was necessary is because Glass-Steagall, which made a lot of the actions leading to the crisis illegal, was repealed.

Still, the Obama administration has been prosecuting financial fraud connected to the crisis: StopFraud.gov

[Supersedeas]

1. how many of the Big TV media outlets that receive Big Bank Ad $$, will have the guts to fact check

this?

[Whisp]

2. oh, John King from CNN will be right on it!

He'll be adding new shifts and personnel to get to the true bottom of this story!

:rofl::rofl::rofl::rofl::rofl::rofl:

..............:rofl::rofl:...............

. . . . . . . . .:freak: . . . . . . . .

[and-justice-for-all]

3. Put your money in a credit union...fuck the banks..nt