More info here.
It’s only been a few days since the election and Wall Street banks and their Republican friends in Congress are already licking their chops at a chance to undercut the independence of the Consumer Financial Protection Bureau. You’re going to hear a lot of reasons why we just must make these changes. Not one of them is going to be true. That’s because the real reason – the one people are ashamed to say out loud – is that the big banks and their Republican allies think the CFPB is working too darn well for consumers and it needs to be stopped. If I were them, I’d be scared of the CFPB too: it’s gone after big banks like Wells Fargo when they break the law, and it has returned more than $11 billion to consumers who were cheated. But members of Congress were sent here to represent working families, not giant banks – and anyone, Republican or Democrat, who votes to weaken the CFPB has declared loud and clear whose side they’re on.
And let me be clear: It is foolish for any Democrat to think that weakening our support for the CFPB is good for the country or good for us as a party. Turning our back on consumers – and on our core, fundamental values – is a path toward ruin.
Senator Elizabeth Warren
While not @Chase Bank this is just another example of how ‘corporate’ banks have become, and how out of touch with reality they are.
Read more about singer Ana Barbara’s plight with her banking institution by clicking here.
Police say it’s illegal for repo men to use force to reclaim vehicles.
Read story here: Salt Lake Tribune
Acts like this (absent murder) like blocking vehicles, making threats or other illegal acts are committed by repo agents in Utah and I suspect, everywhere in this country on a daily basis.
It’s not always ‘a good guy’ taking a car back from a ‘deadbeat’ and these guys (sic) get away with, well, almost murder. Agents for Chase Bank in my own case abused the system and.. got away with it.
Lets’ recap: There should be no “breach of peace” during a repossession!.
This includes but is not limited to: said repo agent blocking your vehicle, threatening to call or stating that they have called the police, or repo agent using abusive threatening or language, etc.
This was all lost on Chase Bank, Chase Auto Finance and their repossession agent.
This recent Bernie Sanders Facebook post says a lot about where he thinks we should be focused:
Too-big-to-fail financial institutions received a $700 billion bailout from the US taxpayer, and more than $16 trillion in virtually zero interest loans from the Federal Reserve. But we have done little to hold them to account for their actions. These institutions have acquired too much economic and political power. It is time to break up the largest financial institutions in the country.
+Add your name if you agree. Click here to add YOUR name.
Read more about this post here.
This from a pro-credit union publication:
Human beings are remarkably imaginative at rationalizing what they want to believe. “If ‘ifs’ and ‘buts’ were candy and nuts, oh what a party we’d have.” That saying came to mind while reading Jamie Dimon’s appeal in the Wall Street Journal last month for industrywide unity and solidarity. If only it would be so, he opined.
In a transparently self-serving commentary, JPMorgan Chase’s chief executive wrote, no doubt coordinated with all of the major Washington, D.C.-based megabank trade groups, “America faces enough real challenges without inventing conflicts where none need exist.”
Read more about this article here.
It would seem to be illegal for a collections agent to ‘suggest’ items be sold, blood or plasma be donated or, for the debtor to borrow further to pay a car note financed through Chase Auto Finance or Chase Bank.
The website here has many stories or allegations of abuse by Chase representatives, makes me wonder how many simply didn’t have the resources or education to register their complaint publicly.
One individual commented: However, I ran into some financial difficulties when on disability due to a serious accident at work. I would pay when I could, but occasionally would be one or two months late. I would receive incessant phone calls from Chase. The calls would include such absurd “suggestions”such as borrowing money from neighbors, borrowing funds from relatives, having a yard sale, donating blood or plasma, and liquidating savings or 401K. Finally, when they would call, I would stave them off of the pass, telling them, “Look I cannot hold a yard sale”…all of things they “suggested”.
After my own experience a few years ago I have no trouble believing many if not most of these complaints to be valid.
Do you have your own story to share? We’d love to hear your’s.
The CFPB (Consumer Finance Protection Bureau) was just getting off the ground when I initially had my dispute with Chase Auto Finance and didn’t really provide me personally with any assistance, however if the video series produced for the CFPB are any indication they may now have a system in place to better log and route requests for assistance.
Have an issue they could address, give them a try it can’t hurt and let me know in the comments your own results with this new consumer-focused agency.
More info here: http://www.consumerfinance.gov/
A recent article in the New York Times titled: Arbitration Everywhere, Stacking the Deck of Justice touches on companies like JPMorgan Chase Bank who have systematically added arbitration clauses to their contracts over the past 10 years or so.
I often ponder isn’t it interesting that Chase Bank can send your unpaid bill to collections, and through the courts via a judgment collect on the debt but for the consumers who have a beef with Chase they must use arbitration as a method of resolving any disputes.
Now let’s talk about overdraft fees; Did you know overdraft fees are set by your state legislature? Did you know it was never meant to be a profit-center for banks, only a recouping of actual fees to process the overdrafts?
Together, the three largest banks in the country — JPMorgan Chase, Bank of America and Wells Fargo — made more than $1 billion through overdraft fees in the first three months of 2015, according to the Federal Deposit Insurance Corporation.
Read the full New York Times article here.