Class Warfare Blog

December 11, 2012

Regulations? Banks Don’t Need No Stinking Regulations!

Republicans have insisted that the banking industry is over regulated and they and we would be much better off if all that cumbersome, unneeded regulation was done away with. Currently the bank’s cadre of lobbyists are hacking away at the implementation of the tepid Dodd-Frank reform legislation to make sure that all of the “unnecessary” regulation is culled.

Here is a list of some of the legal actions taken by federal regulators in the last four years:

• $25 billion settlement with Wells Fargo, B of A, Chase, Citigroup and Ally for mortgage and foreclosure practices.
• Lawsuit against Wells Fargo for mortgage fraud.
• $1 billion lawsuit against Deutsche bank for mortgage fraud.
• $590 million settlement with Citigroup for fraud.
• $12 million settlement with Capital One for violating the law against members of the military.
• Lawsuit against PNC, US Bank, Suntrust and HSBC for mortgage and foreclosure practices.
• $175 million settlement with Wells Fargo for mortgage bias.
• $335 million with B of A settlement for discriminatory lending.
• $450 million with Barclays settlement for interest rate rigging.
• $100 million settlement for Chase for credit card fraud.
• Pending lawsuit against Royal Bank of Scotland for interest rate rigging.
• $619 million settlement with ING for violation of sanctions.
• $21 million settlement with Suntrust for discriminatory lending.
• $780 million settlement with UBS for helping the rich with tax evasion.
• $388 million settlement with Chase and UBS for anti-trust violations.
• Pending settlement worth “billions” with 11 Swiss banks for helping the rich with tax evasion.
• $160 million settlement with UBS for municipal bond fraud.
• $550 million settlement with Goldman Sachs for fraud.
Source: I Acknowledge Class Warfare Exists Blog (www.classwarfareexists.com) includes traditional sources for the information

Apparently, regulations defining mortgage fraud, fraud, discriminatory lending, interest rate rigging, tax evasion, predatory practices on military families, and various and sundry other illegal practices are what they think are “unneeded.”

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1 Comment »

  1. I wanted to thank you for this great read!! I definitely
    loved every bit of it. I have got you book-marked to look at
    new things you post…

    Like

    Comment by Cora — May 2, 2013 @ 10:25 am | Reply


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