Of all the corn fed BS I have ever read this has got to be the most stupid.  Wait it is not stupid, it is just a spun tale to try to convince the public that something is being done to stop the abuse heaped on the American Public by criminal Financial Corporations.

Really want to rein in the out of bounds Financial Corporations?  Then put real laws on the books that will have the teeth to stop currently legal stealing.

Remember ALEC, the Republican Organization composed of Corporate Entities, Lobbyists, Elected Republican Congress people, with a small smattering of Democrat Congress people thrown in as a sweetener?  You know, that organization where Corporate people write legislation that the Lobbyists and Republican Congress people put in play to get enacted into law.  They brag publicly that they send about 800 bills to Congress per year to be enacted into law.

Well, remember the Financial Corporations will get to write those Financial bills that ultimately become law.  Do you think they will write laws that are truly good for the people?

If you really want to bring them to heel, first you have to start as said above by adopting laws with teeth that are mandatory enforceable otherwise you will have nothing of any value to help you against these monsters.

1.  Enact a National Usury Law ( Maybe 10%)with the penalty for violation to be forfeiture of the balance of the amount owed.  Define usury as 10% of any amount added during the life of the account to the original amount as usury.

2.  Enact a National Notification Law with teeth.  The Law to require any Credit Reporting Agency to notify a person immediately when presented with any negative information - before reporting that detrimental information to any inquiry.  Allow that notified person 30 days to challenge the information and allow the successful challenger 10 times the amount challenged plus court costs for EVERY subsequent reporting of the successfully challenged information.

Those two above things alone would hit them in the ass when they screwed up.  And those Financial Institutions would make sure they didn’t violate the Laws.

Other things are needed but IMO 98% of all problems would disappear during the first year of enactment.

It would last until their shysters found a loophole or until ALEC got Congress to pass laws allowing the Financial Institutions to become thieves again.