Financial Reforms are Working!

[WillowTree]

How are consumers helped if Bank of Amerca gets the hell out of consumer lending because they can't keep losing money?

They're not necessarily losing money. They just no longer can make record-breaking profits at the expense of the consumer.

Do you prefer that there were no regulations and the banks could do whatever they wanted to cheat you? The "losses" they claim to have sustained rather proves that that was exactly what they have been doing.

You said they posted a $7.3 billion loss. How do you conclude that they are not necessarily losing money?

That's her Einstein genuis at play.. donchyaknowA?

 

[Toro]

Banks making losses isn't really a good thing.

 

[asterism]

Banks making losses isn't really a good thing.

Depends on the priorities:

1. Stick it to big business
2. Another round of bailouts and more government intervention

All to protect people who don't bother to read a 3 page contract but want loans.

 

[judyd]

When you base your business on the premise that your customers will screw up, you don't have a sound business plan. Playing games with changing due dates, and then charging huge penalties for a late payment, are just some of the things they did, which legislation said were unfair practices.

From BOA page on MSN:

As a result of the legislation and other changes in the environment, the company is changing the way its consumer bank does business, focusing on a relationship enhancement strategy designed to incent customers to bring more business and to make pricing more upfront and transparent. This change moves away from a dependence on penalty fees, which the industry had adopted over the years, and provides the customer with a better banking experience. These changes are expected to result in additional revenue.

 

[Flopper]

Bank of America posts net loss of $7.3 billion in latest quarter, citing provisions of the financial reform law.

I would say that this is rather significant. What they are really saying is now that there is a demand for truth in lending and full disclosure, they can no longer make the windfall profits they were making. Gee, they can no longer cheat the consumer!

Excluding a one-time writedown, the bank earned $3.1 billion, or 27 cents a share.

Read more: BofA Posts $7.3 Billion Loss on New U.S. Rules

 

[Annie]

When you base your business on the premise that your customers will screw up, you don't have a sound business plan. Playing games with changing due dates, and then charging huge penalties for a late payment, are just some of the things they did, which legislation said were unfair practices.

From BOA page on MSN:

As a result of the legislation and other changes in the environment, the company is changing the way its consumer bank does business, focusing on a relationship enhancement strategy designed to incent customers to bring more business and to make pricing more upfront and transparent. This change moves away from a dependence on penalty fees, which the industry had adopted over the years, and provides the customer with a better banking experience. These changes are expected to result in additional revenue.

Do you think you can give a link?

 

[judyd]

When you base your business on the premise that your customers will screw up, you don't have a sound business plan. Playing games with changing due dates, and then charging huge penalties for a late payment, are just some of the things they did, which legislation said were unfair practices.

From BOA page on MSN:

As a result of the legislation and other changes in the environment, the company is changing the way its consumer bank does business, focusing on a relationship enhancement strategy designed to incent customers to bring more business and to make pricing more upfront and transparent. This change moves away from a dependence on penalty fees, which the industry had adopted over the years, and provides the customer with a better banking experience. These changes are expected to result in additional revenue.

Do you think you can give a link?

Bank of America Reports Third-Quarter Financial Results: Business Wire Business News - MSN Money

 

[Revere]

Does Barack Obama know how much banks should earn?

Or lose?

Banks are just closing accounts where they can't make their pricing work and forcing you into accounts where you earn less, to comply with the regime.

Congratulations.

 

[The T]

Does Barack Obama know how much banks should earn?

Or lose?

Banks are just closing accounts where they can't make their pricing work and forcing you into accounts where you earn less, to comply with the regime.

Congratulations.

But he sure as Hell can tell them what they're allowed in salary can't he?

 

[Intense]

When you base your business on the premise that your customers will screw up, you don't have a sound business plan. Playing games with changing due dates, and then charging huge penalties for a late payment, are just some of the things they did, which legislation said were unfair practices.

From BOA page on MSN:

As a result of the legislation and other changes in the environment, the company is changing the way its consumer bank does business, focusing on a relationship enhancement strategy designed to incent customers to bring more business and to make pricing more upfront and transparent. This change moves away from a dependence on penalty fees, which the industry had adopted over the years, and provides the customer with a better banking experience. These changes are expected to result in additional revenue.

Yeah, like Red Light Ticket Cameras, or alternate side parking regulations. Only the State should be allowed to profit from misfortune, right? If you buy something and break it, it's not your fault, it's the retailers or the manufacturers. It's unfair that anybody should profit because you don't know how to drive, operate an electric tooth brush, or a garbage disposal. Someone else should alway's pay right??? Never the person responsible.

 

[Intense]

Does Barack Obama know how much banks should earn?

Or lose?

Banks are just closing accounts where they can't make their pricing work and forcing you into accounts where you earn less, to comply with the regime.

Congratulations.

Let's bail out another Union and Party out!!! Fucking things should be outlawed.