‘Radical’ is coming for bank fees

Wall Street and the banking industry are upset with the new Director of the Consumer Financial Protection Bureau. (Whose charge is obviously to protect consumers rather than the banks.)

A ‘radical’ is coming for bank fees — and the industry hates it

The U.S. Chamber of Commerce is not happy with the Consumer Financial Protection Bureau, and it wants you to know it. On Tuesday, the Chamber launched what it describes as “an extensive campaign to expose and defeat” the agenda of the agency tasked with protecting Americans from the predations of the financial services sector. It accuses agency director Rohit Chopra of being a “radical” with an “ideologically driven agenda,” responsible for “several unlawful actions including Chopra’s intentions to change rules without accountability, injecting great uncertainty into the market.”



Isn’t it funny how radical ideologues are those who are concerned with people spending and borrowing money, but bastions of free market, monopolistic corporatism are heroes of truth, justice, and the American way.


It is bad timing on the Chamber’s part.

Banks like Wells possibly have major exposure to Chinese debt and swaps. The Chamber will look bad if banks have been reckless.

Nothing new under the sun department. Remember how the financial advisor industry had an apoplectic fit when there was a proposal in DC to hold them to a fiduciary standard, so they would have to put the interests of the people whose money they were playing with ahead of their own?



Some of us give the financial guys our money. When the financial guys lose the money the same clients are blamed. We all were there in 2010 to witness the hatred Wall Street has.