The latest victim class: the ‘underbanked’
ByI just can’t make this stuff up, folks. Barney Frank has come up with yet another class of American victims: the ‘underbanked.’
CNS News reports:
On Friday, Rep. Barney Frank, chairman of the House Financial Services Committee, will join FDIC Vice Chairman Marty Gruenberg and others in a discussion of “new, safe and affordable credit options for America’s underbanked.”
The policy discussion on Capitol Hill comes as banks – reacting to new credit card rules imposed by Democrats – start pulling the plastic from current credit-card holders, a move that is sure to lead to even more “underbanked” Americans.
Press reports note that Citibank recently canceled a number of credit card accounts affiliated with the Shell, ExxonMobil, Citgo and Phillips 66-Conoco oil companies.
Citibank also has notified some customers that interest rates on unpaid balances are going up – to a whopping 29.99 percent APR, effective Nov. 30. As the new law requires, customers have been notified that they may reject the change to their accounts, in which case their accounts are closed immediately and they may continue paying off their balances at current rates over five years.
According to organizers of the upcoming Barney Frank-Marty Gruenberg event, “Nearly 40 million households in America lack access to mainstream credit and affordable small dollar loans.” Friday’s discussion will focus on efforts to address the “plight of the underbanked.” ….
One can only imagine what this is going to cost us.
Popularity: 2% [?]
Do ANY Dems have a clue what economics are about?
People who don’t qualify for a loan…DON’T GET THEM.
Hello! McFly!
This is the same BS that happened with sub prime mortgages that Franks refuses to own up to.
It has to make you wonder why any sane and rational people don’t think they’re trying to bring down our entire economy.
[...] Fed is printing money and pumping it into the housing market to keep the market from collapsing. The latest victim class: the ‘underbanked’ – lonelyconservative.com 10/21/2009 I just can’t make this stuff up, folks. Barney Frank has come [...]
We saw the pullback of credit and raising of interest rates coming, it should have been obvious from the new credit card legislation. If we want consumer protections, then some people are going to be over-protected, that is just the way it is. Wide encompassing rules don’t work well because they can’t take all of the nuance of people’s situations into effect.
I’m running for US House of Representatives in Massachusetts against Barney Frank. I want to stop this madness and let the markets do there job. You can go to http://www.KeithMessina.com to find out more.
Good luck, Keith! I’ll check out your website soon.