Why Is 'Too Big to Fail' DC - Mega-Targeting Tiny Short-Term Lenders?
Washington, DC’s business model?
Take big money from Big Businesses. Then use Big Government - to do Big Biz’s bidding.
America’s Big Banks - are HUGE.
Behold some Market Caps….
JPMorgan Chase: $550.0 billion
Bank of America: $281.5 billion
Wells Fargo: $205.7 billion
Morgan Stanley: $144.5 billion
Goldman Sachs: $125.3 billion
Citigroup: $110.1 billion
That’s six banks - with a total Market Cap of $1.42 TRILLION.
Which is remarkable. Because we were told DC in 2010 fixed “Too Big to Fail” - and we would no longer have banks this big.
Instead, the Big Banks have only gotten bigger and bigger. Almost as if that was a feature of Dodd-Frank - not a bug.
Dodd-Frank Is Making Big Banks Bigger, Crippling Small Banks - August 13, 2012
I wonder if those huge Big Banks use their ever-increasing hugeness on their victims? Oops - I mean customers.
Banking Damage: ATM, Checking And Overdraft Fees Rise In 2012 - August 13, 2012
Checking Fees Rise Again in Second Half of 2013 - November 21, 2013
Bank Fees Survey Mid-2014 - Fees Hit New Highs
Americans Spent $11 Billion in Bank Fees in 2015 - October 27, 2016
Overdraft Fees: Banks Made $15 Billion in Charges in 2016 - August 5, 2017
Bank Fees Have Been Growing Like Crazy - July 21, 2017
Consumers Paid $34.3B in Overdraft Fees in 2017 - March 9, 2018
Banks Have Lost Control Of Their Fees. It’s Time To Start Over - August 5, 2021
Bank Overdraft Fees Are Costing American Consumers $8 Billion - July 5, 2022
I wonder if those huge Big Banks use their ever-increasing hugeness with their Big Gov cronies? Oops - I mean regulators.
Behold some DC political contribution and lobbying expenditures for the 2022 election cycle. Remember - 2022 is an off-year election cycle…:
Amalgamated Bank: $25,106,645
Wells Fargo: $2,794,470
American Bankers Assn: $2,713,333
Woodforest National Bank: $2,630,939
JPMorgan Chase & Co: $1,659,947
Bank of America: $1,109,899
Big Banks have been getting bigger, more powerful and more abusive - for decades.
That includes the entirety of the alleged Joe Biden Administration.
And what has the alleged Biden Administration been doing about it? Absolutely nothing.
Then Biden’s re-election popped up on their calendar. So they then start pretending they maybe might do something.
Overdraft Fees Generate Billions for Big Banks. The Biden Administration Wants to Change That - January 17, 2024
“The Consumer Financial Protection Bureau (CFPB) plans to issue a proposal Wednesday that would subject overdraft services to the same protections as other types of consumer loans….”
Ah, yes - the CFPB. A creation of “Too Big to Fail” Dodd-Frank - that was supposed to keep Big Banks from getting too big.
Except those Big Banks kept getting bigger. So too did all of their very many fees.
And it wasn’t until January of 2024 - Biden’s re-election year - that Biden’s CFPB noticed.
CFPB Proposes Rule to Close Bank Overdraft Loophole that Costs Americans Billions Each Year in Junk Fees - January 17, 2024
What has the CFPB been doing - over and over and over again - instead of looking at the Big Banks for which the CFPB was created?
And for WAY longer than we have been afflicted with the Biden Administration?
The CFPB has been tormenting teeny, tiny short-term lenders. All of whom in the US combined - don’t have but a teeny, tiny fraction of the Market Cap of any one of the Big Banks.
CFPB Examines Payday Lending - January 19, 2012
CFPB Data Point: Payday Lending - March 2014
CFPB Considers Proposal to End Payday Debt Traps - March 26, 2015
Consumer Financial Protection Bureau Proposes Rule to End Payday Debt Traps - June 2, 2016
CFPB Finalizes Rule To Stop Payday Debt Traps - October 5, 2017
CFPB Sets June 2022 Effect Date for Payday Lending Restrictions - September 7, 2021
Payday Lending May Face Greater CFPB Scrutiny Under Biden - February 8, 2022
Biden Vetoes Resolution Disapproving of US CFPB's Small-Business Loan Rule - December 19, 2023
And it ain’t just the CFPB targeting short-term lenders. All of Big Gov has LONG been out to get them.
Six Federal Agencies Are Investigating Online Payday Lenders - August 8, 2013
The Small-Dollar Loan Industry: A New Era of Regulatory Reform - May 26, 2020
Payday Lenders Targeted in ‘Long-Overdue' Legislation - October 13, 2022
Why all of this Big Gov targeting of teeny, tiny short-term lenders?
Crony Big Government mega-champion Barack Obama told us in 2010:
“We’re going tp punish our enemies - and we’re going to reward our friends.”
Big Banks bribe Big Gov. So - they’re the friends.
Teeny, tiny short-term lenders can’t afford to bribe Big Gov - Big Banks-style. So - they’re the enemies.
Oh: And Big Banks often help Big Gov fulfill the ancient adage:
“The enemy of my enemy is my friend.”
These 51 Big Businesses Target Conservatives - February 27, 2023
“Perhaps the most influential groups of woke companies in the report are banks….Many of these banks have…weaponized their operations to promote social and ideological views favored by the left."
Banks Continue to Discriminate Against Conservatives - March 30, 2023
DC is certainly no way to run a government.