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- 19 February 2016
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Most frustrating thing about American politics is that no one seems to understand how the government and how regulators and how departments and how advisors all function.
There are already late fees on credit cards There are already overdraft fees. Most of these departments are only responsible for oversight which will just be transferred to a different department. The laws that regulate everything are done via Congress. There are so many departments in the US and there are so many overlapping jurisdictions that no one actually knows who has what authority to do what things that's why everything seems to end up in the courts.
I had American bank accounts there were no outrageous fees and gouging pre-2008. There was so much choice in banking and products that even if you got stitched up you could just dump your credit card or dump your bank account and get a better one the next day. Unlike Australia where the big four collude to have the same fees and same rates on everything so you literally have zero opportunity to change banks for a better product because they're all just going to do follow the leader.