Monday, March 28, 2016

Political Alert: Credit Unions Drive Banks From Marketplace!

(March 19, 2016)

"J.P. Morgan Culls Wealthy Herd"

"J.P. Morgan Chase & Co. is making its private bank even more private.  Clients of the firm's private bank later this year will be required to have at least $10 million in investible assets...."

The new "unbanked"?  What will these folks do now that they've lost access to affordable, "life-line banking" services at Chase? To whom can they now turn for financial help - payday lenders, title loan companies, check cashers? The "upper, upper, middle wealthy" class have been forced off Wall Street and back on to Main Street - how degrading, how humiliating!

Somebody call the Doctor
for help!
Who can doubt that this move by Chase is irrefutable evidence of the harmful results which will arise from NCUA's recently proposed field of membership rule? Further proof of the unintended consequences for "the formerly wealthy" which arise from trying to better serve the "not yet wealthy".      

Look for this move by Chase away from the "you only thought you were wealthy" class to be used by the ABA (American Boinkers Association) against credit unions on Capitol Hill 
claiming ...

Where? At the 
$10 million

Without question we need to "level the playing field"! 

- [ABA]

1 comment:

Anonymous said...

Perhaps it's a good thing that the members of Congress are so busy worrying about how to save their jobs that they won't be listening to either the bankers or the credit unions and nothing will get done.As it will be for the North Carolina Tar Heels, the chant will become "Wait until next year".