this post was submitted on 11 Jul 2023
8 points (75.0% liked)

GMECanada

236 readers
1 users here now

Gamestop discussions for Ape Hosers

Stock discussions for Canadian investors. Not affiliated with the company and not a support forum for Gamestop customers.

This is a backup forum for exodus from reddit. As of now (June 30 2023) the reddit /r/GMECanada is STILL ACTIVE but 3rd party mobile apps no longer work.

LOUNGE - general discussions

FAQs - please read!

Rules:

  1. DON'T BE A KNOB EH? (Be nice, discuss the idea, not the person)
  2. Keep discussions related to GME (the stock and company news that may affect it).
  3. NO CRYPTO SPAM. (Valid discussions of L2 partnerships eg. loopring, Protocol Gemini, web3 gaming etc. are allowed).
  4. Mod(s) reserve the right to ban (temp or perma) for abusive/annoying behaviour, at their sole discretion.

Looking for other related communities?

[email protected]

[email protected]

founded 1 year ago
MODERATORS
[email protected]
8
Bank of America accused of opening fake accounts, charging illegal junk fees (www.cbsnews.com)
submitted 1 year ago by [email protected] to c/[email protected]
2 comments fedilink hide all child comments
 

Credit to rexxit user RedditIsOwendByTheWS

(Text below, linked site has annoying auto-play videos.)

July 11, 2023 / 12:00PM / CNN

By Matt Egan and Jeanne Sahadi, CNN

NEW YORK - Federal regulators said Tuesday they found that Bank of America harmed customers by double-dipping on fees, withholding credit card rewards and opening fake accounts, all of which are violations of various consumer financial protection laws.

As a result, the Consumer Financial Protection Bureau ordered Bank of America (BAC) to pay more than $100 million to customers and $90 million in penalties. The Office of the Comptroller of the Currency also ordered Bank of America (BAC) to pay $60 million in fines.

The bank is the second largest in the United States, serving 68 million individuals and small businesses.

Some of the charges are reminiscent of the Wells Fargo scandal last decade that involved opening millions of bank accounts without customer authorization.

"Bank of America wrongfully withheld credit card rewards, double-dipped on fees, and opened accounts without consent," CFPB Director Rohit Chopra said in a statement. "These practices are illegal and undermine customer trust. The CFPB will be putting an end to these practices across the banking system."

top 2 comments
sorted by: hot top controversial new old
[โ€“] [email protected] 5 points 1 year ago (1 children)

And this is how we get a banking crisis. Banks are unscrupulous.

[โ€“] [email protected] 3 points 1 year ago

Reminder that "systematically important financial institution" is a regulatory term that exists because these banks are "too big to fail".

Reminder that if we cannot allow an institution to fail at any cost, but also cannot stop them from committing large-scale fraud like this, they are in charge - period.

That is the definition of moral hazard. There is no scenario where "not committing crime" makes them richer, ergo crime.