On numerous occasions, banks and their attorneys fail to comply with the law.
Although I have always felt the Federal Trade Commission was much better at addressing consumers’ complaints about banks, the CONSUMER FINANCIAL PROTECTION AGENCY (“CFPB”) has stated that consumers can sue banks for their fraud and mishandling of account information.
The problem of course is how will consumers find attorneys to help them on an individual basis. If you have trouble with your credit card, its hard to pay a lawyer. However, class actions give real hope that people will be able to fight bank’s aberrant conduct.
Banks frequently mistake what a consumer owes, and tell you well, that is just too bad and if you do not pay, we will ruin your credit.
Try this tactic now and you will have attorneys ready to take you down.
Why did not the Bush and Obama Administrations lets the banks fail? It is because the rich would have lost a lot of money.
The fact remains failing banks would have caused the rich to lose amount of money and would have equalized income inequality.
If our government was going to bail out the banks, then why did they not make a deal like the “Sharks” make, with benefits flowing to the middle class instead of profits to shareholders?
For example, until the TARP founds were repaid, 35%, and thereafter a 50% interest in profits to be liquidated each year and paid into our general tax fund, as earned income to the middle class, as a tax credit to the middle class or to be used to fund health insurance.
It is because Congressman receive a substantial amount of money from banks to help their campaigns go forward and thus owe substantial moneys.
Its not too late to do something for the people and stop what is happening where the rich have accesss to government officials and the middle class do not.
mildredmichalczyk 