How The Big Banks are Working the System at Your Expense

we been through this on the main thread

50 publicly traded corporations got $250 billion out of the $350 billion that was available. the construction industry, which is not even shut down, got the largest share of the money

I bank with Cap One (only because I was a Hibernia customer) and they didn't even have the application available online until the day after all the money was gone and yet they somehow made loans

I realize that everyone wants to blame Trump since he replaced replaced Neal with O'Donnel, but I don't think people get what federal oversight does. I have been dealing with it for 19 years.

Oversight is not a real time part of the process...there is no way they could have seen that banks were ignoring most applications and only reviewing the ones from companies they have on speed dial. Not on something that moved this fast

Even then, oversight can only do something if a regulation is violated and Congress did not put any regulations in this to prevent what happened. In fact, they put in loopholes that were exploited and allowed the abuse to happen in some cases (the restaurant industry)

If anybody disagrees with me, pull up the bill and show me the regulations that were violated. any time I have been contacted regarding a complaint by federal oversight, it references the applicable statute (and no, I have never done anything wrong). If a complaint is something that doesn't involve any applicable statute, then the federal oversight ignores it or informs the complainant that it isn't something they can look at

Congress forked up. Plain and simple. They can talk about what their 'intention' was all they want but without restrictions and regulations, the banks violated no laws