Obama task force for financial fraud already fails with OCC
“The Obama administration has formed a new task force to target financial fraud, replacing an earlier corporate fraud task force. Attorney General Eric Holder says the new group will have a broader scope.
State investigators will work with federal regulators. The requirement is set forth in a new Executive Order and defined in the Outreach portion of the order:
Consistent with the law enforcement objectives set out in this order, the Task Force, in accordance with applicable law, in addition to regular meetings, shall conduct outreach with representatives of financial institutions, corporate entities, nonprofit organizations, State, local, tribal, and territorial governments and agencies, and other interested persons to foster greater coordination and participation in the detection and prosecution of financial fraud and financial crimes, and in the enforcement of antitrust and antidiscrimination laws.
At issue are endless complaints filed with state regulators where those complaints are forwarded to The Office of the Comptroller of the Currency (OCC) for complaint resolution. The OCC often fails to respond, yet protects national banks from state anti-predatory lending laws.
Is Obama strong enough to change members of this proposed task force? Some analysts strongly doubt it. The task force was unveiled on 17 November 2009. By the end of December the OCC continued to ignore this consumer while protecting HSBC Bank:
A Cape Cod homeowner contacted local and state officials, his state attorney general, and the attorney general in New York. The state agencies referred him to the U.S. Comptroller of the Currency.
The Office of the Comptroller of the Currency never replied. Calls to the press office of the Comptroller of the Currency were not returned.
(Courtesy of Household – HSBC Watch)
Lack of action by the OCC is mentioned in our article “When Good Men Do Nothing – How The U.S. Became a 2nd Class Country”
Obama’s task force will be chaired by Attorney General Eric Holder and include officials from the Securities and Exchange Commission, the Departments of Justice, Treasury, and Housing and Urban Development.
The group is expected to work with many other entities, some of whom were shunned over the last ten years. Will Holder’s organization become a financial task force or task farce? History will tell us, but for now one Cape Cod resident doesn’t think anything will change.
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