Tuesday, May 11, 2010

The Abuse Amendment

Something funny I came across while reviewing the proposed amendments to the Financial Reform bill:

SA 3933. Mr. CORKER submitted an amendment...to the bill S. 3217...; which was
ordered to lie on the table; as follows:

On page 1291, line 15 strike ``, DECEPTIVE, OR ABUSIVE'' and insert ``OR DECEPTIVE''.
On page 1291, line 20, strike ``, deceptive, or abusive'' and insert ``or deceptive''.
On page 1292, line 1, strike ``, deceptive, or abusive'' and insert ``or deceptive''.
On page 1293, strike lines 3 through 20.
On page 1293, line 21, strike ``(e)'' and insert ``(d)''.

The part of the bill that would be changed by this amendment is Section 1031: Prohibiting Unfair, Deceptive, or Abusive Acts or Practices. The amendment strikes the use of the word "abusive" from this section and removes the subsection that bans financial institutions from '"interfer[ing] with the ability of a consumer to understand a term or condition of a consumer financial product or service" or "tak[ing] unreasonable advantage of a lack of understanding on the part of the consumer of the material risks, costs, or conditions of the product or service."

I have no idea why Bob Corker wants to specifically allow abusive practices to continue, but it strikes me as particularly funny that his amendment is designed to strike the ban on banks and credit card companies abusing their customers.


No comments:

Post a Comment