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(ABC News)   Bank ordered by CFPB to refund $141 million to customers illegally charged overdraft fees. Difficulty: Not Wells Fargo   (abcnews.go.com) divider line
    More: Cool, Overdraft, Regions Bank, illegal overdraft fees, Consumer Financial Protection Bureau, Bank, NEW YORK, overdraft fees, second time  
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807 clicks; posted to Business » on 30 Sep 2022 at 10:04 PM (9 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



9 Comments     (+0 »)
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2022-09-30 8:25:13 PM  
How about we start charging the C-suite people for fraud when the bank they're in charge of pulls this shiat?  That might make these suits think again about this sort of thing.
 
2022-10-01 12:45:32 AM  
Who will be taking bets on how soon Republicans will respond to this news by calling for elimination of the CFPB?
 
2022-10-01 1:37:06 AM  
The weird thing is all the transactions involved one lady and her Persian cat.
 
2022-10-01 9:14:11 AM  
It's more profitable for the bank to break the law and pay the penalties than it is to follow the law. The government doesn't make the penalties stiffer, because then the banks would follow the law and the government would not get its share of the profits ... errr I mean revenue from the fines.
 
2022-10-01 10:26:58 AM  

sandbar67: It's more profitable for the bank to break the law and pay the penalties than it is to follow the law.


No it's not, you moron.

They're forcing them to pay back ALL THE ILLEGALLY OBTAINED MONEY... plus 50 million dollars in penalties.  And that doesn't include what I'm sure was legal fees on top of it.

So... no.

/Think before you type.
 
2022-10-01 11:33:52 AM  
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2022-10-01 11:44:32 AM  

jake3988: sandbar67: It's more profitable for the bank to break the law and pay the penalties than it is to follow the law.

No it's not, you moron.

They're forcing them to pay back ALL THE ILLEGALLY OBTAINED MONEY... plus 50 million dollars in penalties.  And that doesn't include what I'm sure was legal fees on top of it.

So... no.

/Think before you type.


FTFA - "Regions Bank raked in tens of millions of dollars in surprise overdraft fees every year, even after its own staff warned that the bank's practices were illegal," Rohit Chopra, director of the agency, said in a statement. "Too often, large financial firms make a calculation that continuing to break the law is more profitable than following it. We have more work to do to change this mentality."

So, STFU moron.
 
2022-10-01 2:23:06 PM  

jake3988: sandbar67: It's more profitable for the bank to break the law and pay the penalties than it is to follow the law.

No it's not, you moron.

They're forcing them to pay back ALL THE ILLEGALLY OBTAINED MONEY... plus 50 million dollars in penalties.  And that doesn't include what I'm sure was legal fees on top of it.

So... no.

/Think before you type.


I should think that the bank had ample time to invest the funds before being forced to return them.
 
2022-10-01 4:00:48 PM  
They were supposed to only take out a fraction of a penny.

Always test your code!
 
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