Last November Bank of America reached a settlement with the justice Department for illegally foreclosing on 175 active service members. But now they are reviewing 1400 other foreclosures that were on active service members. We have all heard of various nefarious practices by the big banks but if they can't even follow a simple rule of not foreclosing on our service members when they are overseas fighting for our nation, then they are too big, and need to be broken up into smaller pieces that have the time to follow our nations laws.
Petition to Financial Regulators:
We, the undersigned, call on the Board of Governors of the Federal Reserve System and the Financial Stability Oversight Council to break up Bank of America. Under section 121 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, you have the authority to break up “too big to fail” banks into smaller, simpler and safer institutions.
If Bank of America in its current form were to fail, it would devastate the U.S. economy. You must act preemptively to make sure that never happens. We cannot wait and find out whether another financial crisis strikes. If that happens, it will be too late to act.
No comments:
Post a Comment