Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Banking in the U.S. Got a Lot More Dangerous this Week

Courtesy of Pam Martens

Joseph Otting, Comptroller of the Currency

Joseph Otting, Comptroller of the Currency

The Trump administration seems hellbent on turning every Federal regulator into a snake oil salesman.  The latest scandal du jour comes yesterday from Politico’s Ben Lefebvre who reports that the Inspector General of the Interior Department is investigating whether the Interior’s head honcho, Ryan Zinke, colluded with the head of Halliburton to build him his dream brewery in his hometown of Whitefish, Montana.

Against that backdrop, the Office of the Comptroller of the Currency (OCC) announced on Tuesday that financial technology companies, known as fintech, which provide various types of banking activities other than accepting insured deposits, will now be allowed to apply for a special purpose national bank charter and operate across state lines. The OCC announcement promptly followed a report from the U.S. Treasury which recommended that the OCC make the charter available.

The immediate impact of gaining such a charter would be that online lenders who now must abide by state by state limits on the amount of interest they can charge on a loan to consumers would be unleashed to fully channel their predatory lending instincts.

The Superintendent of the New York State Department of Financial Services (DFS), Maria Vullo, issued a statement that was highly critical of both the OCC and Treasury actions. Vullo stated:

Maria Vullo, Superintendent, New York State Department of Financial Services

Maria Vullo, Superintendent, New York State Department of Financial Services

Continue Here


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!