The LA Times ran this precient article about banks’ vengeful behavior against consumers in advance of credit card rules going into effect in February. Here is an excerpt:
Happy new year. Now pay up.
That’s the message from our friends in the banking industry, who are introducing all sorts of fees and changes as a slew of regulations take effect designed to make financial heavyweights friendlier to customers.
From costlier checking accounts to higher credit card fees, banks are scrambling to find ways to compensate for as much as $50 billion in annual revenue that could be lost because of the tougher rules and requirements.
…banks are cheesed because lawmakers are showing some uncharacteristic backbone when it comes to consumer protection, and they’re turning the screws because, well, they can.
Never mind that just about all the big guys in the banking world are still on their feet primarily because taxpayers stepped in with billions of dollars in bailout cash. That’s ancient history.